Practice Management Archives - Going Concern https://www.goingconcern.com/category/practice-management/ When accounting goes unaccounted for Thu, 21 Nov 2024 21:04:16 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://i0.wp.com/www.goingconcern.com/wp-content/uploads/2018/05/cropped-gc-favicon.png?fit=32%2C32&ssl=1 Practice Management Archives - Going Concern https://www.goingconcern.com/category/practice-management/ 32 32 225971388 Top Remote Accountants of the Week | November 21, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-november-21-2024/ Thu, 21 Nov 2024 20:26:31 +0000 https://www.goingconcern.com/?p=1000897733 Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your […]

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Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you!

With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Sign up now to view the complete candidate list and connect with potential hires.

TAX CANDIDATES

FTE Senior Tax Accountant | Candidate ID #23560436

  • Certifications: EA in process 
  • Education: BBA Accounting 
  • Experience (years): 7+ years in public accounting
  • Work experience (detail): Tax manager with a CPA firm
    • Client account clean up
    • Prepared 500+ returns in 2024 tax season
    • Reviewed 200+ returns
  • Client niches: Manufacturing, Hospitality, Medical Practices, Real Estate
  • Tech Stack: QB/QBO, UltraTax, ProConnect, Drake 
  • Remote Work Experience: Y
  • Salary: $80k – $100k
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax Accountant | Candidate ID #23595436

  • Education: BS, MS 
  • Experience (years): 5 years of tax preparation experience
  • Work experience (detail): Currently a tax associate with a CPA firm
    • Client account clean up and GL reconciliation
    • Tax preparation for SMBs and Nonprofits
    • State and local tax experience
  • Client niches: Hospitality, Medical Practices, Services, Retail
  • Tech Stack: QB/QBO, Drake, UltraTax, Pro Series 
  • Remote Work Experience: Y
  • Salary: $60k – $65k
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax Accountant | Candidate ID #23600251

  • Certifications: EA
  • Education: BBA Accounting
  • Experience (years): 3 years of tax accounting experience 
  • Work experience (detail): Currently a tax accountant with a CPA firm
    • Prepares federal, state and local tax returns
    • Experience with complex international tax projects
    • Works directly with clients on tax planning and preparation
  • Client niches: Individuals, SMBs, Partnerships, Corporations, Trusts, Estates, International
  • Tech Stack: QB/QBO, CCH Axcess 
  • Remote Work Experience: Y
  • Salary: $80k – $85k 
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

PT / Contract Tax Senior | Candidate ID #22519390

  • Certifications: EA
  • Education: BA Accounting
  • Experience (years): 10+ years accounting experience
  • Work experience (detail): Tax senior leading a team
    • 10+ years tax preparation experience
    • Federal, state and local tax filing
    • Reviewed 300+ tax returns 
  • Client niches: SMBs, Startups, ecommerce, Services, Real Estate
  • Tech Stack: QB/QBO, CCH Axcess, Gusto, Lacerte
  • Remote Work Experience: Y
  • Salary: $45/hour
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

ACCOUNTING CANDIDATES

FTE Accounting | Candidate ID #17525751

  • Certifications: QBO, T Sheets, Expensify and Bill.com Certified 
  • Education: BS Accounting in process 
  • Experience (years): 20+ years accounting experience
  • Work experience (detail): Recently a payroll specialist with an accounting firm
    • 6+ years remote accounting experience
    • Full cycle accounting with multiple clients
    • State registrations and set ups
  • Client niches: Medical Practices, Retail, Services, Construction, Real Estate, Transportation 
  • Tech Stack: QB/QBO, Xero, Bill.com, Expensify, Shopify 
  • Remote Work Experience: Y
  • Salary: $55k – $65k 
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

PTE / FTE Accountant | Candidate ID #23604933

  • Education: BS Accounting
  • Experience (years): 20+ years accounting and tax experience
  • Work experience (detail): 6+ years in public accounting
    • GL reconciliation
    • Multistate payroll processing
    • SALT filing in 40+ states
    • Payroll tax reporting and filing
  • Client niches: SMBs, Construction, Services, Restaurants, Retail
  • Tech Stack: Intuit EasyACCT, Google Suite, SAP Financials, Vertex
  • Remote Work Experience: Y
  • Salary: $25/hour part time, $55k full time
  • Time Zone: Mountain
  • Sign up for FREE to learn more about this candidate

 

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID #23541533

  • Education: BSBA, BS Accounting
  • Experience (years): 9+ years of tax and accounting experience
  • Work experience (detail): Currently a manager with a CPA firm
    • Leads and mentors a team of accountants
    • Full charge bookkeeping for 10+ monthly clients
    • Prepares and files federal and state taxes
  • Client niches: Construction, Services, Real Estate, Medical Practices, Food and Beverage 
  • Tech Stack: QB/QBO, Xero, ProSeries, ProConnect, TurboTax, Drake, Gusto, Square, PayPal
  • Remote Work Experience: Y
  • Salary: $65k – $85k
  • Time Zone: Central 
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23611102

  • Certifications: EA in process 
  • Education: AA Accounting
  • Experience (years): 15 years accounting experience
  • Work experience (detail): Currently a senior accountant
    • Manages daily bookkeeping operations for 10 clients
    • Prepares month end, depreciation, prepaid expenses, accruals
    • Job costing and project accounting experience
  • Client niches: Construction, Real Estate, Retail, Hospitality, SaaS, Manufacturing, Nonprofits
  • Tech Stack: QB/QBO, Intacct, Sage, JD Edwards, Freshbooks, Accounting CS, Foundation
  • Remote Work Experience: Y
  • Salary: $76k+
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23600796

  • Education: BBA Accounting, MBA
  • Experience (years): 3 years accounting experience
  • Work experience (detail): Currently an accountant with a CPA firm
    • Prepares 100+ tax returns for individual and SMB clients
    • Sales tax and payroll processing for multiple clients
    • Assists in advisory services with tax clients
  • Client niches: Construction, Medical Practices, Legal Practices, Services 
  • Tech Stack: QB/QBO, UltraTax, Lacerte 
  • Remote Work Experience: Y
  • Salary: $70k – $80k 
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23608272

  • Certifications: QBO ProAdvisor Certified 
  • Education: BBA Finance, MBA
  • Experience (years):  5+ years of accounting experience
  • Work experience (detail): Currently with a CPA firm
    • Led a team of 5+ accountants
    • Collaborated with tax and payroll departments on client financials
    • Small business advisory, tax estimates and planning
  • Client niches: Hospitality, Professional Services, Construction 
  • Tech Stack: QB/QBO, Zoho, CCH, AccountantsWorld, ATX
  • Remote Work Experience: Y
  • Salary: $70k – $90k
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23598818

  • Certifications: QuickBooks ProAdvisor 
  • Education: BBA, Finance
  • Experience (years): 15+ years of overall experience
  • Work experience (detail): Currently an accountant with a CPA firm
    • Reviews and adjusts client’s financial statements
    • Streamlines processes and procedures for more efficient workflow
    • Experience onboarding new clients and cleaning up their books
  • Client niches: Medical Practices, Transportation, Construction, Technology
  • Tech Stack: QB/QBO, Sage Intacct, Netsuite 
  • Remote Work Experience: Y
  • Salary: $65k – $75k 
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting  | Candidate ID #23532160

  • Certifications: CPA in process
  • Education: BS Accounting
  • Experience (years): 20+ years accounting, audit and tax experience
  • Work experience (detail): 20+ in public accounting
    • 10+ years of audit experience including IT systems
    • Outsourced CFO and fractional Controller
    • Tax prep and advisory
  • Client niches: Federal Agencies, Financial Services, HNWIs, Nonprofits, Construction, Professional Services
  • Tech Stack:  CCH Axcess, Engagement, UltraTax, Creative Solutions, Lacerte, ProSeries, Deltek
  • Remote Work Experience: Y
  • Salary: $120k, flexible depending on benefits and incentives
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

Don’t miss the complete list of top remote accounting, tax, audit, and project-based candidates available weekly! Sign up now to find your next hire.

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | November 21, 2024 appeared first on Going Concern.

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1000897733
Top Remote Accountants of the Week | November 14, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-november-14-2024/ Thu, 14 Nov 2024 21:03:53 +0000 https://www.goingconcern.com/?p=1000897685 Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | November 14, 2024 appeared first on Going Concern.

]]>

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you!

With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Sign up now to view the complete candidate list and connect with potential hires.

ACCOUNTING AND ADVISORY CANDIDATE

FTE Accounting and Advisory | Candidate ID #23535017

  • Certifications: QBO ProAdvisor, Xero Advisor, CPA
  • Education: BS Accounting, MA Accounting in process
  • Experience (years):  5+ years of overall accounting and finance experience
  • Work experience (detail): Currently senior accountant with a CPA firm
    • Implements cloud accounting applications
    • Tax preparation experience with business and individual returns
    • Performs SMB bookkeeping, payroll and financial statement preparation
  • Client niches: Real Estate, Services
  • Tech Stack: QB/QBO, Xero, LiveFlow and RightTool, Karbon, UltraTax
  • Remote Work Experience: Y
  • Salary: $65k+
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

TAX CANDIDATES

FTE Tax Accounting  | Candidate ID #23531533

  • Certifications: EA in process
  • Education: BA Accounting
  • Experience (years): 10+ years accounting experience
  • Work experience (detail): All in public accounting
    • 2+ years as Tax Manager
    • Led 75+ client engagements
    • Prepares and reviews tax returns
  • Client niches: HNWIs, Entertainment, SMBs, Financial Services, S & C Corps
  • Tech Stack: QB/QBO, ProSystem fx, ProSeries, ProConnect, UltraTax, Lacerte
  • Remote Work Experience: Y
  • Salary: $110k+ depending on level
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

FTE Tax Accounting | Candidate ID #23283819

  • Education: BA Accounting
  • Experience (years): 8+ years accounting experience
  • Work experience (detail): 5+ years with a national CPA firm
    • Prepares complex returns for HNWI
    • Audit experience with HOAs
    • Extensive experience with Trusts and Gift Tax
  • Client niches: Trusts, Real Estate, Medical Practices, Professional Services, Manufacturing, Grocery, HOAs
  • Tech Stack: CaseWare, GEMS, Axcess, ProSystems fx, SurePrep, Drake, 1099 ETC
  • Remote Work Experience: Y
  • Salary: $80k with benefits
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax Accounting | Candidate ID #19019328

  • Certifications: EA in process
  • Education: BA Accounting
  • Experience (years): 10+ years of overall experience
  • Work experience (detail): Currently a tax senior with a CPA firm
    • Prepares business and individual tax returns
    • Some tax review experience
    • Prepares quarterly federal and states estimates
    • Some tax planning and client advisory experience
  • Client niches: HNWIs, Real Estate, Hospitality, Retail, Medical Practices, Manufacturing
  • Tech Stack: QB/QBO, Axcess, ProSystems fx, UltraTax, Advance Flow, Engagement, OneSource
  • Remote Work Experience: Y
  • Salary: $95 – $103k
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID #23459039

  • Education: BA Accounting
  • Experience (years): 9+ years of accounting experience
  • Work experience(detail): 7 years in public accounting
    • Tax prep and review
    • Full charge bookkeeping, payroll and general accounting
    • Prepares client financials for tax return preparation
  • Client niches: Construction, Healthcare and Real Estate
  • Tech Stack: QB/QBO, Xero, UltraTax, Drake
  • Remote Work Experience: Y
  • Salary: $76k, flexible depending on benefits
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23571431

  • Certifications: CPA in process
  • Education: BBA Accounting, MA Accounting
  • Experience (years): 5+ years accounting and tax experience
  • Work experience(detail): All in public accounting
    • Performs full cycle accounting and tax preparation
    • Financial compilations and reporting with clients
    • Tax projections and estimated calculations
  • Client niches: Healthcare, Nonprofits, Construction, Real Estate, Services
  • Tech Stack: QB/QBO, NetSuite, Quicken, Blackbaud, MAS 200, Lacerte
  • Remote Work Experience: Y
  • Salary:  $80k
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #18384643

  • Certifications: EA in process
  • Education: BS Accounting
  • Experience (years): 5 years accounting and tax experience
  • Work experience(detail): All in public accounting
    • Tax preparer with some review experience
    • Supervised and trained a team of 5+ associates
    • New client onboarding
  • Client niches: Healthcare, Construction, Logistics, Legal Practices, Real Estate, Nonprofits
  • Tech Stack: QB/QBO, Xero, UltraTax, Karbon, ProConnect, Thomson Reuters Professional Suite
  • Remote Work Experience: Y
  • Salary: $75 – $77k w/benefits, $90k wo/benefits
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting  | Candidate ID #19941806

  • Certifications: CPA
  • Education: BSBA, Accounting
  • Experience (years): 10+ years accounting experience
  • Work experience (detail): 8+ in public accounting
    • 5+ in full cycle accounting and tax
    • 2+ as tax manager, leading a team of 4 associates
    • Federal, state and local tax filing and reporting
  • Client niches: SMBs, HNWIs, Partnerships, S-Corps, Services
  • Tech Stack: QB/QBO, Axcess, Lacerte, ProSeries, ProConnect
  • Remote Work Experience: Y
  • Salary: $100k+, depending on role
  • Time Zone: Pacific
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting Candidate ID #23587705

  • Certifications: CPA in process
  • Education: BBA Accounting
  • Experience (years):  5 years accounting and tax experience
  • Work experience (detail): All in public accounting
    • Tax preparation and review
    • Provides tax planning, research, estimates and projections
    • Leads client tax engagements from start to completion
    • Performs accounting and bookkeeping services for clients
  • Client niches: Real Estate, Construction, Hospitality, Manufacturing
  • Tech Stack: QB/QBO, Lacerte Tax and Planner
  • Remote Work Experience: Y
  • Salary: $95 – $110k
  • Time Zone: Pacific
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23556701

  • Certifications: CPA
  • Education: BS Accounting, MBA Taxation
  • Experience (years):  28 years of accounting and tax experience
  • Work experience (detail): 11+ operating own accounting firm
    • 11 years tax preparation and review
    • Handled more complex returns
    • Prepares financials, international accounting, treasury functions, audit projects
    • Accounting software set up and troubleshooting
  • Client niches: Manufacturing, Construction, Hospitality, Healthcare, Nonprofits, Real Estate, Tech
  • Tech Stack: QB/QBO, Lacerte Tax and Planner
  • Remote Work Experience: Y
  • Salary: $75k /benefits, $90k wo/benefits
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #22824954

  • Certifications: EA in process
  • Education: AA Accounting
  • Experience (years): 20+ years of overall experience
  • Work experience (detail): senior accountant with a CPA firm
    • Payroll and payroll tax experience
    • New client onboarding, software implementations
    • Business and individual tax return preparation and review experience
  • Client niches: Construction, Medical Practices, Hospitality, Real Estate, Services
  • Tech Stack: QB/QBO, Accounting CS, UltraTax, ProSeries, Drake Tax
  • Remote Work Experience: Y
  • Salary: $75 – $80k
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Accounting and Tax | Candidate ID #23594499

  • Education: BS and MS Accounting
  • Experience (years): 4 years of experience, all in public accounting
  • Work experience (detail): Currently a senior tax associate
    • Provides full cycle accounting services for 20 clients
    • Prepares business and individual tax returns
    • Experience training junior staff
  • Client niches: SMBs, Real Estate, Manufacturing, Services, Medical Practices
  • Tech Stack: QB/QBO, Axcess Tax, Caseware, ProSystem fx Engagement and Fixed Assets
  • Remote Work Experience: Y
  • Salary: $80 – $90k
  • Time Zone: Mountain
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23571137

  • Certifications: CPA in process
  • Education: BS Accounting, MBA
  • Experience (years): 4 years public accounting experience
  • Work experience (detail): Currently a senior accountant with a CPA firm
    • Prepares individual tax returns for business clients
    • Experience reviewing business returns
    • Performs monthly bookkeeping and maintained client relationships
  • Client niches: Manufacturing, Real Estate, Medical Practices
  • Tech Stack: QB/QBO, CCH, UltraTax
  • Remote Work Experience: Y
  • Salary: $85k, flexible
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23530375

  • Certifications: EA in process
  • Education: BBA, Accounting
  • Experience (years): 3+ years tax and accounting
  • Work experience (detail): All in public accounting
    • Prepares federal, state, and local tax returns
    • 100 individuals and 50+ SMBs in 2024 tax season
    • Filed indirect tax returns in 10+ states
  • Client niches: HNWIs, Real Estate, Trusts, Partnerships, S-Corps
  • Tech Stack: QB/QBO, CCH Axcess, Engagement, Caseware
  • Remote Work Experience: Y
  • Salary: $75k+
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate
        •  

Don’t miss the complete list of top remote accounting, tax, audit, and project-based candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | November 14, 2024 appeared first on Going Concern.

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1000897685
Citing Rising Costs, Accounting Firms Plan to Increase Fees in 2025 https://www.goingconcern.com/citing-rising-costs-accounting-firms-plan-to-increase-fees-in-2025/ https://www.goingconcern.com/citing-rising-costs-accounting-firms-plan-to-increase-fees-in-2025/#comments Thu, 07 Nov 2024 23:00:09 +0000 https://www.goingconcern.com/?p=1000897642 *Smaller shops, that is. We know Big 4 and mid-tiers have this pricing thing down. […]

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*Smaller shops, that is. We know Big 4 and mid-tiers have this pricing thing down.

Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. Or at least half-in.

90% plan to increase fees for individual tax returns, 87% plan to increase fees for business tax returns, 85% plan to increase fees for bookkeeping and accounting, and 76% plan to increase fees for CFO and controller services. 57% of accounting firms plan to increase fees across all services in 2025. Clients are just going to loooove that.

Per the 2023 National Association of Tax Professionals Fee Study, the overall average charge for individual returns, regardless of method, increased $35 and the overall average charge for business returns, regardless of method, increased $85. Nearly half of firms surveyed by Ignition (49%) charge $400 to $799 for basic individual tax return services, with approximately 17% nationally charging less than $400.

A few more key findings from Ignition’s survey:

  • 54% use fixed-fee or value-based pricing for tax preparation services
  • 67% use fixed-fee or value-based pricing for tax planning and advisory services
  • 79% use fixed-fee or value-based pricing for bookkeeping and accounting services
  • 75% use fixed-fee or value-based pricing for CFO and controller services

The report also benchmarked current fees for tax, accounting, and advisory services, which varied based on firms’ annual revenue range. The greatest variance in pricing was for tax planning and advisory services in particular. For firms with revenue of as much as $250k, about 23% said they charge less than $500 for these services, while a near-equal number (around 21%) said they charge more than $2000.

According to Ignition Global President Greg Strickland, very few firms are raising fees just to raise revenue. “While accounting firm owners are embracing price increases in 2025, the report shows that the majority (around 58%) cite rising business costs as the main motivator,” he said in a press release. “Only 5% are raising prices to increase revenue, which indicates an opportunity for firms to leverage pricing as a strategic tool to unlock revenue growth.”

Here’s what the report had to say:

Heading into 2025, many US accounting firms are re-evaluating their pricing strategies, embracing the need to increase fees for the services they offer, with nearly 57% of firms planning to increase fees next year for all services. As for the extent of these increases, the most common range is from 5% to 10% increase across all services, highlighting an industry-wide shift toward higher pricing.

The rising costs behind price increases

Mounting business expenses are driving the decision to increase fees, with nearly 58% of firms citing rising costs as the primary motivator. This indicates that firms are looking to maintain profitability by adjusting prices to keep pace with inflation, wage increases, and the general cost of running a business in current market conditions.

A missed opportunity for strategic revenue growth?

Interestingly, only around 5% of firms reported increasing fees with the specific goal of growing revenue, revealing a potential gap in how firms are leveraging pricing as a strategic tool. Although covering operational costs is essential, this finding suggests that many firms are not fully capitalizing on the opportunity to use pricing as a proactive driver for revenue growth.

Firms confidently adapting pricing strategies

Whether the goal is to manage rising costs, improve profit margins, or introduce premium service offerings, firms are taking a more strategic approach to pricing services. There is a clear shift from traditional hourly billing toward fixed-fee and value-based pricing models, signaling a broader transformation in how firms are packaging and delivering services. With hourly rates declining in popularity, this shift highlights the growing recognition that pricing should reflect outcomes and results rather than the invested time. By embracing fixed-fee and value-based pricing, firms are positioning themselves to cover rising costs and enhance their client relationships, offering the clarity and value that build long-term trust.

It sure took them long enough to get the memo.

Quick update: Completely related article we posted today.

US Accounting and Tax Pricing Benchmark [Ignition]

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Top Remote Accountants of the Week | November 7, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-november-7-2024/ Thu, 07 Nov 2024 21:28:40 +0000 https://www.goingconcern.com/?p=1000897639 Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | November 7, 2024 appeared first on Going Concern.

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Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you!

With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Sign up now to view the complete candidate list and connect with potential hires.

 

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID #23571431

  • Certifications: CPA in process
  • Education: BBA Accounting, MA Accounting
  • Experience (years): 5+ years of accounting and tax experience
  • Work experience: All in public accounting
    • Performs full cycle accounting and tax preparation
    • Financial compilations and reporting with clients
    • Tax projections and estimated calculations
  • Client niches: Healthcare, Nonprofits, Construction, Real Estate, Services
  • Tech Stack: QB/QBO, NetSuite, Quicken, Blackbaud, MAS 200, Lacerte
  • Remote Work Experience: Y
  • Salary: $80k
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23571137

  • Certifications: CPA in process
  • Education: BS Accounting, MBA Accounting
  • Experience (years): 3+ years accounting experience
  • Work experience (detail): All in public accounting
    • Prepares returns for SMBs, partnerships and S-Corps
    • Experience reviewing business returns
    • Full cycle accounting with direct client contact
  • Client niches: Manufacturing, Real Estate, Medical Practices 
  • Tech Stack: QB/QBO, CCH, UltraTax
  • Remote Work Experience: Y
  • Salary: $85k, flexible
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23535017

  • Certifications: QB and Xero Certified, CPA
  • Education: BS Accounting, MA in process
  • Experience (years): 15+ years accounting and business experience
  • Work experience (detail): 6+ years in public accounting
    • Onboarding new clients to cloud based platforms
    • Tax preparation for SMBs, partnerships, and individuals
    • Full cycle accounting and financial reporting
  • Client niches: Real Estate, Services
  • Tech Stack: QB/QBO, Xero, Karbon, UltraTax 
  • Remote Work Experience: Y
  • Salary: $65k+
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23529632

  • Education: BS Accounting
  • Experience (years): 10 years of overall experience
  • Work experience (detail): 7 years in public accounting
    • Tax preparation for individuals, SMBs, partnerships
    • Prepares payroll, quarterly, and annual reports
    • Tax planning and advisory experience
  • Client niches: Construction, Services
  • Tech Stack: QB/QBO, UltraTax, ProSeries, Fixed Assets CS, AdvanceFlow 
  • Remote Work Experience: Y
  • Salary: $80k+
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23563903

  • Certifications: Inactive EA
  • Education: BS Accounting
  • Experience (years): 9 years of accounting experience
  • Work experience (detail): 8 in public accounting
    • Leads a team of 5 staff accountants
    • Full cycle accounting, payroll, payroll tax filing and reporting
    • Individual and small business tax return preparation
  • Client niches: Construction, Wholesale, Retail, Real Estate
  • Tech Stack: QB/QBO, Xero, Sage, SAP, Expensify, Concur, Axcess, ProSystems, ProSeries
  • Remote Work Experience: Y
  • Salary: $105k
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

TAX CANDIDATES

FTE Tax  | Candidate ID #23530375

  • Certifications: EA in process
  • Education: BBA Accounting
  • Experience (years): 3 years tax and accounting
  • Work experience (detail): All in public accounting
    • Prepares federal, state and local tax returns
    • 100+ individuals and 50+ SMBs filed in 2024 tax season
    • Files indirect tax returns in 10+ states
  • Client niches: HNWIs, Real Estate, Trusts, Partnerships, S-Corps 
  • Tech Stack: QB/QBO, Axcess, Engagement, Caseware
  • Remote Work Experience: Y
  • Salary: $75k+
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate



REMOTE OPERATIONS CONSULTING CANDIDATE

Accounting Operations Consultant | Candidate ID #23457979

  • Education: BA Accounting
  • Experience (years): 25+ years accounting experience
  • Work experience (detail): 10 with a regional CPA firm
    • 8 years at Director level
    • Established a remote accounting and advisory team of 50+ associates
    • Developed successful remote client services workflows and processes 
  • Client niches: HNWIs, SMBs, ecommerce, LLCs, Venture Capital, Private Equity, Family Office
  • Tech Stack: QBO, Xero, Karbon 
  • Remote Work Experience: Y
  • Salary: $150+/hr, project pricing
  • Time Zone: Pacific
  • Sign up for FREE to learn more about this candidate
        •  

Don’t miss the complete list of top remote accounting, tax, audit, and project-based candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | November 7, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | October 31, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-october-31-2024/ Thu, 31 Oct 2024 13:27:07 +0000 https://www.goingconcern.com/?p=1000897583 Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | October 31, 2024 appeared first on Going Concern.

]]>

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you!

With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Sign up now to view the complete candidate list and connect with potential hires.

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID #22591376

  • Certifications: CPA
  • Education: BBA Accounting
  • Experience (years): 5+ years accounting experience
    • Work experience (detail): All in public accounting
    • Tax planning and client advisory
    • Experience reviewing tax returns
    • Client relationship management experience
  • Client niches: SMBs, HNWIs, Medical Practices, Real Estate
  • Tech Stack: QB/QBO, ProSystems fx, UltraTax, Caseware, OnBase, Excel, Yardi, Appfolio
  • Remote Work Experience: Y
  • Salary: $90k – $100k
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #2350777

  • Certifications: QBO ProAdvisor, EA 
  • Education: BS Accounting and Finance
  • Experience (years): 9+ years of overall experience
    • Work experience (detail): 7 years in public accounting
    • Tax preparation and review experience
    • Reviews financial statements, year end work papers
    • Accounting review and client advisory
  • Client niches: Insurance, Retail, Services, Construction, Oil & Gas Services 
  • Tech Stack: QB/QBO, ProSeries
  • Remote Work Experience: Y
  • Salary: $72k – $74k 
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #20021654

  • Certifications: CPA 
  • Education: BS BA, MS Accountancy
  • Experience (years): 9+ years of overall experience
    • Work experience (detail): 7+ in public accounting
    • Federal, payroll and sales tax filing experience
    • IRS tax notice responses
    • Client tax planning and advisory
  • Client niches: Medical Practices, Retail, Construction
  • Tech Stack: QB/QBO, UltraTax
  • Remote Work Experience: Y
  • Salary: $65k – $75k
  • Time Zone:  Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #22008875

  • Certifications: QBO ProAdvisor, EA in progress
  • Education: BS Accounting
  • Experience (years): 25+ years accounting experience
    • Work experience (detail): Currently leading an accounting team
    • Onboards new clients
    • Tax projections and tax planning
    • Tax preparation for SMBs, HNWIs and Partnerships
  • Client niches: Construction, Real Estate, Manufacturing 
  • Tech Stack: QB/QBO, Sage, Netsuite, Xero, UltraTax, Drake, Lacerte, ProSeries
  • Remote Work Experience: Y
  • Salary: $80k – $85k
  • Time Zone: Central 
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23527798

  • Education: BBA Accounting
  • Experience (years): 6+ years of accounting experience
    • Work experience (detail): All in public accounting
    • Full cycle accounting experience
    • Performs monthly bank reconciliations
    • Tax preparation experience
  • Client niches: Hospitality, Medical Practices, Services, Construction, Manufacturing
  • Tech Stack: QB/QBO,Drake
  • Remote Work Experience: Y
  • Salary: $52k+
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23477771

  • Education: BS and MS Accounting
  • Experience (years): 10+ years accounting experience
    • Work experience (detail): 6+ in public accounting
    • Full cycle outsourced accounting
    • Financial reporting, GAAP
    • Federal, State and Local tax filing
    • Fractional Controller, client advisory
  • Client niches: Professional Services, Medical Practices, Healthcare, Construction, Nonprofits
  • Tech Stack: QB/QBO, NetSuite, SAP, Oracle, UltraTax, Drake, Lacerte, TaxAct, ATX
  • Remote Work Experience: Y
  • Salary: $75k, flexible depending on role, $50-75/hour for part time and project work
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting  | Candidate ID #22594884

  • Certifications: EA in process
  • Education: BA Accounting
  • Experience (years): 15 years accounting experience
    • Work experience (detail): 3 years in public accounting
    • 12 years industry accounting and payroll
    • 500+ returns prepared during 2024 tax season
    • Reviews returns prepared by local and offshore team
  • Client niches: Retail, Hospitality, Real Estate, Oil & Gas Services, Tech
  • Tech Stack: QB/QBO, QB Payroll, UltraTax, Lacerte, ProSeries
  • Remote Work Experience: Y
  • Salary: $80k
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting  | Candidate ID #19533115

  • Certifications: EA
  • Education: BA Business
  • Experience (years): 4 years accounting and tax experience
    • Work experience (detail): Tax services and public accounting
    • 4 tax seasons experience
    • SMBs, S-Corps, Partnerships, Trusts, Nonprofits
    • Client planning and advisory
  • Client niches: Professional Services, Medical Practices, Trusts, Estates, ecommerce, Hospitality
  • Tech Stack: ProSeries, UltraTax, Gusto, Sure Payroll, TaxAct, Canopy
  • Remote Work Experience: Y
  • Salary: $90k, flexible depending on benefits package
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

PT Tax and Accounting | Candidate ID #20208315

  • Education: BBA, Accounting
  • Experience (years): 20+ years of accounting experience
    • Work experience (detail): Part time tax senior with a CPA firm
    • Tax preparation experience
    • Tax planning and projections
    • Monthly/quarterly/annual accounting for 40+ clients
  • Client niches: Construction, Services, Medical Practices, Real Estate
  • Tech Stack: QB/QBO, Accounting CS, UltraTax, ProSystems fx, ATB, Asset Keeper Pro
  • Remote Work Experience: Y
  • Salary: $40-$50 per hour
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

TAX CANDIDATES

FTE Tax Senior / Manager | Candidate ID # 22492954

  • Certifications: CPA in process
  • Education: BBA Accounting
  • Experience (years): 13 years tax and accounting experience
    • Work experience: 8+ in public accounting
    • Preparation and review of tax returns
    • Tax planning, tax advisory, and tax research
    • Quarterly projections and estimates for clients
  • Client niches: SMBs, HNWIs, Partnerships, S-Corps
  • Tech Stack: QB/QBO, Lacerte, Smart Vault, ProSystemsFx, Taxplanner, Axcess, Engagement, iManage, Xero, ProSeries, UltraTax
  • Remote: Y
  • Salary: $90K
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax Senior / Manager  | Candidate ID #23527885

  • Certifications: EA, CPA in process
  • Education: BA Accounting and Finance
  • Experience (years): 15+ years tax and accounting experience
    • Work experience (detail): 8 years in public accounting
    • Tax preparation and review
    • Expat tax experience
    • Individual equity compensation
  • Client niches: HNWIs, Construction, Agriculture, Trusts, Estates, Expats
  • Tech Stack: QB/QBO, Xero, UltraTax, ProSeries, CCH Axcess, Engagement
  • Remote Work Experience: Y
  • Salary: $110k with bonus potential
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax Senior / Manager | Candidate ID #17586795

  • Certifications: QBO ProAdvisor, CPA
  • Education: BSBA Finance, MS Accountancy
  • Experience (years): 20+ years accounting experience
    • Work experience (detail): 10+ years tax experience
    • Operated a tax practice for 7 years 
    • Manages a remote accounting team of 7 associates
    • 10+ years teaching college accounting classes
    • 2+ years remote tax client support
  • Client niches: Individuals, SMBs, Services, Hospitality, Nonprofits
  • Tech Stack: QB/QBO, Sage, ProSystems fx, Drake
  • Remote Work Experience: Y
  • Salary: $110k, plus benefits
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate
        •  

Don’t miss the complete list of top remote accounting, tax, audit, and project-based candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | October 31, 2024 appeared first on Going Concern.

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Five Reasons Why Your Firm Is Getting Terrible Applicants https://www.goingconcern.com/five-reasons-why-your-firm-is-getting-terrible-applicants/ Wed, 30 Oct 2024 02:07:36 +0000 https://www.goingconcern.com/?p=1000897559 This post is for the employers. If you’re a job seeker you can ignore this. […]

The post Five Reasons Why Your Firm Is Getting Terrible Applicants appeared first on Going Concern.

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This post is for the employers. If you’re a job seeker you can ignore this.

With many of the big firms having called their people back to the office three or more days a week, more professionals than ever are on the hunt for remote work. Adding to this flood of jobseekers in the accounting space is the worrying trend of layoffs which you’d think would make things great for hiring managers. You should have your pick of the litter, right?

What’s actually happening is your inbox is getting blown up with people in far off countries who took an accounting class once ten years ago and Uber drivers who think “how hard can accounting be anyway?” when they see that job opening in tax paying $80k a year.

Why is this? Is it you? Is it the job market? Consider these reasons why you’re not getting that rockstar you’ve been looking for.

You Suck at Writing Job Descriptions

We’ve seen your job descriptions, trust us when we say there are more terrible ones than there are fabulous ones. And this isn’t necessarily your fault if you’re but a humble HR person just listing the tech stack a partner told you to put in the job ad.

And some of you go way too hard on the LinkedIn Lunatic talk. You’re scaring away the good candidates by overemphasizing the “fast-paced environment” (to job seekers, this is code for “we’re disorganized and the manager labels everything ASAP regardless of how soon she actually needs it, often in emails sent at 10 pm on Fridays”).

Exhibit A:

Trust, tax professionals know certain months of the year are fast-paced. You don’t need to overexplain or worse, brag about an environment that keeps people on their toes. Only the most desperate of people are going to apply if you’re waving those red flags so proudly.

Everyone Gets Terrible Applicants

This one is definitely not your fault. EVERYONE gets spammed by unqualified randoms living on distant continents hoping for a sweet remote gig. That’s just the nature of putting up jobs on the internet.

A recruiter we spoke to who asked to remain anonymous because she doesn’t want people knowing she associates with the likes of us told us that a general rule of thumb for hiring is that 10% of applicants will be somewhere in the ballpark. Not even perfect, just possibly what you’re looking for. Yikes.

Your Expectations Are Too High

Is this your fault? Actually, yeah. You want a rockstar but you’re paying karaoke bar salary. You want someone who knows all the software inside and out, not someone who knows a handful of the major ones well. You want someone to wear 25 different hats. You’re holding out for the absolute perfect candidate to fall in your lap, someone who meets every one of your many requirements and who immediately blows you away on the first phone call with their eloquence and charm.

Whatever your oversized hopes and dreams, you really need to get real about what you’re bringing to the table. Maybe your applicants all suck because the person you’re looking for doesn’t exist, or at least isn’t looking to crunch numbers at an accounting firm for a living.

You’re Casting Too Wide a Net

If you deploy a purse seine net, you’re going to catch a lot of the wrong fish. This goes back to job descriptions a bit, making sure what you’re putting out there is going to grab that right person you’re looking for.

If your job opening and description are so generic that applicants don’t understand what exactly you’re looking for you bet tons of people are going to shoot their shot. And why wouldn’t they? Catch-all job openings tend to, well, catch all.

Be a little more precise and you’ll catch the kind of fish you’re looking for.

The Job Market is Rough

Seeing things from the candidate side, things are rough out there. As mentioned at the start of this, remote work is fading away for many accounting professionals so yeah, they might be applying to any and every job that mentions even the possibility of remote work. This isn’t really your problem except when it means you’re having to sift through a hundred resumes that don’t come close to meeting your requirements or nice-to-haves.

So, with that said…

While you’re here, why don’t you save yourself the trouble of DIY recruiting and let Accountingfly handle it for you? With remote dedicated search services, they’ll handle the entire hiring process from start to finish, combing through candidates for you until they find the cream of the crop for your consideration.

Reach out to Liz Branch for the hookup and read more about Dedicated Search here to find out what it’s all about. Good luck out there!

The post Five Reasons Why Your Firm Is Getting Terrible Applicants appeared first on Going Concern.

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Top Remote Accountants of the Week | October 24, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-october-24-2024/ Thu, 24 Oct 2024 13:57:40 +0000 https://www.goingconcern.com/?p=1000897515 Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | October 24, 2024 appeared first on Going Concern.

]]>

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you!

With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Sign up now to view the complete candidate list and connect with potential hires.

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID #22557459

  • Certifications: EA, Intuit Tax Academy
  • Education: MBA Accounting, JD
  • Experience (years): 6 years of overall experience
  • Work experience (detail): Tax senior with a national tax service
    • International tax experience
    • National client tax practice
    • Adept at tax research
  • Client niches: Law Practices, Hospitality, Healthcare
  • Tech Stack: QBO, ProConnect, Lacerte, ProSeries
  • Remote Work Experience: Y
  • Salary: $70 – $90k
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Senior Tax and Accounting  | Candidate ID #22659477

  • Certifications: QBO Certified, CPA in process
  • Education: BBA, MA Accountancy
  • Experience (years): 9+ years experience
  • Work experience (detail): 4+ in public accounting
    • 4+ providing remote full cycle accounting
    • Tax preparation for HNWIs, SMBs, Partnerships, LLCs
    • New client onboarding, QBO implementation
  • Client niches: Real Estate, Construction, Professional Services, Healthcare
  • Tech Stack: QB/QBO, Xero, CaseWare, CCH Axcess and Fixed Assets, UltraTax, Accounting CS
  • Remote Work Experience: Y
  • Salary: $90k, flexible
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting  | Candidate ID #22561270

  • Certifications: CPA
  • Education: BA Information Systems, BA Accounting
  • Experience (years): 25+ years of accounting and tax experience
  • Work experience (detail): 3+ with a national tax firm
    • Prepared and reviewed Federal returns
    • Provided associate training
    • Onboarded new clients
    • Client advisory, year end workpapers
  • Client niches: SMBs, Startups, Partnerships, LLCs, S & C-Corps
  • Tech Stack: QB/QBO, CCH Axcess, Sage, SalesForce, Karbon, ProSeries, PeopleSoft, Lacerte, Gusto, ADP, Pay.com
  • Remote Work Experience: Y
  • Salary: $90k plus benefits
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #23283819

  • Education: BS, BA Accounting
  • Experience (years): 8+ years accounting experience
  • Work experience (detail): 5+ years with a national CPA firm
    • Prepared complex returns for HNWI
    • Audit experience with HOAs
    • Extensive experience with Trusts and Gift Tax
  • Client niches:  Trusts, Real Estate, Medical Practices, Professional Services, Manufacturing, Grocery, HOAs
  • Tech Stack: QB, CaseWare, CCH Axcess, ProSystems fx, SurePrep, Drake, 1099 ETC
  • Remote Work Experience: Y
  • Salary: $80k with benefits
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #22538439

  • Certifications: QBO ProAdvisor, EA in process
  • Education: BS and MS Accountancy
  • Experience (years): 9 years of accounting experience
  • Work experience (detail): Most recently an accountant at a CPA firm
    • Full cycle accounting and tax for multiple clients
    • Full-year clean up and tax return preparation
    • Managed client relationships
  • Client niches: Construction, Hospitality, Real Estate, Law Practices, Medical Practices, Services, Retail, Agriculture
  • Tech Stack: QB/QBO, TurboTax, UltraTax, Accounting CS, Fixed Assets, Karbon
  • Remote Work Experience: Y
  • Salary: $60k
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #5307721

  • Education: BS Business Administration Accounting
  • Experience (years): 10 years of accounting experience
  • Work experience (detail): Currently an outsourced controller with a public firm
    • Leads full-service bookkeeping and payroll team
    • Client advisory
    • Full cycle accounting and tax preparation experience
  • Client niches: Real Estate, Construction, Retail, Services, Law Firms
  • Tech Stack: QB/QBO, Xero, Oracle, Sage
  • Remote Work Experience: Y
  • Salary: $90k+
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

TAX CANDIDATES

FTE Tax Manager | Candidate ID #23508828

  • Certifications: CPA
  • Education: BS, MS Accounting, MBA Finance
  • Experience (years): 20 years experience
  • Work experience (detail): Currently a Tax Manager
    • Tax planning and tax strategy with HNWIs
    • Transitioned client businesses to S-Corporation status
    • Responds to tax authority notices and provides tax resolution services
  • Client niches: SMBs, Startups, HNWIs
  • Tech Stack: QB, UltraTax, Planner CS
  • Remote Work Experience: Y
  • Salary: $160k+
  • Time Zone: Pacific
  • Sign up for FREE to learn more about this candidate

 

FTE Tax | Candidate ID #23478897

  • Certifications: EA, CPA in process
  • Education: BS and MS Management, MBA Accounting
  • Experience (years): 11+ years accounting and tax experience
  • Work experience (detail): 4+ in public accounting
    • Tax preparation, review and compliance
    • Tax planning for HNWI
    • Train and mentor staff of 5+ associates
    • Leads bookkeeping and financial management team
  • Client niches: Construction, Healthcare, Real Estate, Hospitality, Education, Nonprofits
  • Tech Stack: QB, UltraTax, Thomson Reuters,TurboTax
  • Remote Work Experience: Y
  • Salary: $87k – $108k, flexible depending on role
  • Time Zone: Pacific
  • Sign up for FREE to learn more about this candidate

 

FTE Tax Accountant  | Candidate ID #18501738

  • Education: BS Accounting
  • Experience (years): 7 years accounting experience
  • Work experience (detail): 2 years public accounting
    • Financial statements and year end workpapers
    • Multinational client tax provisioning
    • Federal, State,  Local and Property tax filing
  • Client niches: Real Estate, Hospitality, Technology, Retail, Transportation
  • Tech Stack: QB/QBO, Sage, Bloomberg Tax and Fixed Assets, ProSystems fx
  • Remote Work Experience: Y
  • Salary: $95k, flexible
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax | Candidate ID Candidate #23314825

  • Certifications: EA
  • Education: BS Accounting, MBA Accounting
  • Experience (years): 7+ years accounting and financial services experience
  • Work experience (detail):  Public accounting experience
    • Trust and estate specialist
    • Client facing, advisory practice
    • Prepare and review returns
  • Client niche: HNWIs, Trusts, Estates, Decedent filing
  • Tech Stack: One Source Trust Tax, Global Wealth, Global Plus, Salesforce; CCH Axcess
  • Remote Work Experience:  Y
  • Salary: $95k-$100k
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

FTE Tax Senior | Candidate ID #22394136

  • Certifications: CPA
  • Education: BA and MA
  • Experience (years): 8+ years accounting and tax experience
  • Work experience (detail): currently a Tax Associate at a CPA firm
    • Prepared 50 tax returns, 90% business and 10% personal
    • Trains interns on tax software and preparation
    • Responds to IRS inquiries and provides client support
  • Client niches: Real Estate, Pharmaceutical, Medical Practices, Manufacturing
  • Tech Stack: QB/QBO, CCH Axcess and Engagement
  • Remote Work Experience: Y
  • Salary: $80k
  • Time Zone: Central
  • Sign up for FREE to learn more about this candidate

 

FTE Tax and Accounting Senior | Candidate ID #22520741

  • Certifications: EA in process
  • Education: BS Business, MA Accounting and Finance
  • Experience (years): 11 years tax and accounting experience
  • Work experience (detail): Currently a Tax Accountant at a CPA firm
    • Experience preparing tax returns
    • Reviews returns prepared by peers
    • Client year-end clean up and workpapers
  • Client niches: Financial Services, Medical Practices, Professional Services, Real Estate, Nonprofits
  • Tech Stack: QB/QBO, UltraTax, Lacerte, Drake
  • Remote Work Experience: Y
  • Salary: $90k – $95k
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

 

ACCOUNTING CANDIDATES

FTE Accounting | Candidate ID #21909389

  • Education: BS Business Accounting
  • Experience (years): 20+ years of overall experience
  • Work experience (detail): Currently an accounting specialist at a CPA firm
    • Experience onboarding new clients, QBD to QBO conversions
    • Responds to IRS notices
    • Experience with payroll and payroll reports
  • Client niches: Hospitality, Medical Practices, Government, Retail, Law Practices, Services, Nonprofits
  • Tech Stack: QB/QBO, ADP
  • Remote Work Experience: Y
  • Salary: $60k
  • Time Zone: Mountain
  • Sign up for FREE to learn more about this candidate

 

FTE / Contractor Accounting | Candidate ID #23283760

  • Education: BS Accounting
  • Experience (years): 25 years of overall experience
  • Work experience (detail): Currently a Controller at a CPA firm
    • GL reconciliation, expense tracking and classification
    • Leads a team of 5+
      • New client onboarding experience
  • Client niches: Manufacturing, Medical Practices, Construction, Logistics, Retail, Services Nonprofits
  • Tech Stack: QB/QBO, Xero, Bill.com, Gusto
  • Remote Work Experience: Y
  • Salary: $90-$100k as 1099, $80-$90k as W2
  • Time Zone: Eastern
  • Sign up for FREE to learn more about this candidate

FIRM OPERATIONS CANDIDATE

Remote Accounting Operations Consultant / HNWI Advisory | Candidate ID #23457979

        • Education: BA Accounting
        • Experience (years): 25+ years accounting experience
        • Work experience (detail): 10+ with a regional CPA firm
          • 8+ as Director Accounting Operations
          • Led a client accounting and advisory team of 80+ remote associates
          • Developed remote workflow and internal processes
        • Client niches: HNWIs, SMBs, Partnerships, LLCs, Venture Capital, Private Equity, Family Office
        • Tech Stack: QBO, Xero, Karbon
        • Remote Work Experience: Y
        • Salary: $150+/hr, project pricing
        • Time Zone: Pacific
        • Sign up for FREE to learn more about this candidate

Don’t miss the complete list of top remote accounting, tax, audit, and project-based candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | October 24, 2024 appeared first on Going Concern.

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1000897515
Top Remote Accountants of the Week | October 17, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-october-17-2024/ Thu, 17 Oct 2024 15:54:10 +0000 https://www.goingconcern.com/?p=1000897460 Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | October 17, 2024 appeared first on Going Concern.

]]>

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you!

With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Sign up now to view the complete candidate list and connect with potential hires.

ACCOUNTING CANDIDATES

FTE Accounting / Bookkeeping | Candidate ID #18014117

  • Certifications: QBO ProAdvisor, Xero Certified
  • Education: BA, MBA Accounting
  • Experience (years): 9+ years accounting experience
  • Work experience (detail): Currently a Senior Bookkeeper/Team Lead with a public firm
    • 5+ years managing outsourced accounting for multiple clients
    • Reviews team full cycle accounting and reporting work
    • Prepares tax ready year end workpapers 
  • Client niches: Construction, Real Estate, Retail, Healthcare, Nonprofits
  • Tech Stack: QB/QBO, Xero, ProConnect
  • Remote Work Experience: Y
  • Salary: $75k
  • Time Zone: Central
  • Sign up to learn more about this candidate

 

FTE Accounting Senior / Manager  | Candidate ID #22531747

  • Certifications:  CPA
  • Education: BBA and BS Accounting
  • Experience (years): 4+ years experience
  • Work experience (detail): 4+ in public accounting
    • Supervises a team of 9 associates
    • Led the software transition for an acquired firm
    • Advises nonprofit clients and prepares Form 990
  • Client niches: Services, Suppliers, Healthcare, Govt-funded Entities, Nonprofits
  • Tech Stack: QB/QBO, Engagement, CaseWare, TeamMate Analytics
  • Remote Work Experience: Y
  • Salary: $115k, flexible
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

PTE Accounting Senior | Candidate ID #22525820

  • Certifications: QB ProAdvisor
  • Education: AA Business Administration
  • Experience (years): 30+ years of overall experience
  • Work experience (detail): Currently running an accounting practice
    • Corporate accounting experience
    • Assessment and redesign of accounting process and workflow
    • Experience supervising and reviewing the work of client bookkeeping teams
  • Client niches: Manufacturing, Services, Construction, Distribution, Agriculture
  • Tech Stack: QB/QBO, Xero, NetSuite, Sage
  • Remote Work Experience: Y
  • Salary: $60/hr
  • Time Zone: Pacific
  • Sign up to learn more about this candidate

 

TAX AND ACCOUNTING CANDIDATES

FTE / PTE Tax / Accounting Manager | Candidate ID #22585819

  • Certifications: EA
  • Education: BS Business Administration
  • Experience (years):  7 years tax experience
  • Work experience (detail): Currently operating own practice
    • Experience with tax planning and resolution
    • Managed an accounting team of 20
    • Tax preparation and review experience
  • Client niches: Petrochemical, Manufacturing, Agriculture, Nonprofits
  • Tech Stack: QB, UltraTax, Proseries, Wave, ShareFile, ACT!, Gusto 
  • Remote Work Experience: Y
  • Salary: $150k, FTE, $55-$70/ PTE
  • Time Zone: Central
  • Sign up to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #22655166

  • Certifications: CPA, QBO ProAdvisor
  • Education: BA, MBA Accounting
  • Experience (years): 5 years in public accounting
    • Preparation and review experience
    • Financial reporting and advisory
    • SMB client advisory
  • Client niche: Entertainment, Professional Services, Real Estate
  • Tech Stack: QB/QBO, Drake, Secure File Pro
  • Remote Work Experience: Y
  • Salary: $85-90k, benefits package
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

FTE or PTE Tax and Accounting | Candidate ID #22804727

  • Certifications: CPA Candidate
  • Education: BS Business Administration, MS Accountancy
  • Experience (years): 7+ years of overall experience
  • Work experience (detail): Currently a Staff Accountant at a CPA firm
    • Full cycle accounting and tax preparation
    • Direct client communication responsibility
    • High-volume payroll and tax experience
  • Client niches: Retail, Hospitality, Medical Practices, Agriculture, Construction
  • Tech Stack: QB/QBO, Drake, ProSeries
  • Remote Work Experience: Y
  • Salary: $60k full-time; $28-$29/hr part-time
  • Time Zone: Eastern 
  • Sign up to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #22824954

  • Certifications: EA in process
  • Education: AA Accounting
  • Experience (years): 20+ years of overall experience
  • Work experience (detail): Senior Accountant with a CPA firm
    • Payroll and payroll tax experience
    • New client onboarding, software implementations
    • Business and individual tax return preparation and review experience
  • Client niches: Construction, Medical Practices, Hospitality, Real Estate, Services
  • Tech Stack: QB/QBO, Accounting CS, UltraTax, ProSeries, Drake Tax 
  • Remote Work Experience: Y
  • Salary: $75 – $80k
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #22510988

  • Education: College coursework and OJT
  • Experience (years):14+ in public accounting
  • Work experience (detail): Currently a Full Charge Bookkeeper with a CPA firm
    • Multiple client payroll experience
    • Supervisory experience
    • Prepares 40-50 tax returns per season, S-Corps and owners
  • Client niches: Services, Construction, Law Practices, Nonprofits, Government
  • Tech Stack: QB/QBO, Creative Solutions, Sage, Drake
  • Remote Work Experience: Y
  • Salary: $70k
  • Time Zone: Central
  • Sign up to learn more about this candidate

 

FTE / PTE Tax and Accounting| Candidate ID #22764825

  • Certifications: EA
  • Education: BS Accounting
  • Experience (years): 5+ years tax and accounting experience
  • Work experience (detail): 5+ years in public accounting
    • Prepares returns for individuals, SMBs, Partnerships, S-Corps
    • Accounting and financial reporting 
    • Client advisory services
  • Client niches: Real Estate, Medical Practices
  • Tech Stack: QB/QBO, UltraTax, Quicken
  • Remote Work Experience: Y 
  • Comp Goal: $40/hour, flexible 
  • Time Zone: Central
  • Sign up to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #22662704

  • Certifications: CPA
  • Education: BA Business, MA Accounting
  • Experience (years): 10 years public accounting, 7 years in industry
    • 4+ years managing a tax team
    • Tax preparation and client advisory for SMB clients
    • Provided outsourced accounting and Controller services
  • Client niche: Retail, Manufacturing, Construction, Nonprofits, Real Estate
  • Tech Stack: QB/QBO CCH Tax, UltraTax, Sage
  • Remote Work Experience: Y
  • Salary: $135k
  • Time Zone: Central
  • Sign up to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #20040511

  • Certifications: EA, QBO Advanced ProAdvisor
  • Education: AA Accounting, BS Accounting
  • Experience (years): 9+ years accounting and tax experience
  • Work experience (detail): Extensive client contact and advisory
    • Experience with tax consultations
    • Payroll experience
    • Financial statement preparation and review experience 
  • Client niches: Hospitality, Construction, Services, Medical Practices, Retail, Real Estate, 
  • Tech Stack: QB/QBO, Xero, Sage, Lacerte, UltraTax, ProSeries, Drake, Gusto, Shopify, Bill.com 
  • Remote Work Experience: Y
  • Salary: $75k+
  •  Time Zone: Central
  • Sign up to learn more about this candidate

 

TAX CANDIDATES

FTE Tax Senior / Advisory | Candidate ID #21925190

  • Certifications: CPA in process
  • Education: BS Finance and Accounting
  • Experience (years): 7 years accounting experience
  • Work experience (detail): 7 years in public accounting
    • 250+ returns prepared in 2024 tax season
    • Experience includes bookkeeping, accounting, audit and tax
    • SMBs, LLCs, S and C Corps, Pass Throughs, Work in Progress, Trusts
  • Client niches: Medical Practices, Construction, Real Estate, ecommerce, Investment, Hospitality
  • Tech Stack: QB/QBO, UltraTax, Axcess, SurePrep
  • Remote Work Experience: Y
  • Salary: $90k, plus benefits
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

FTE Tax Senior | Candidate ID #23043820

  • Certifications: EA, QBO Certified, CPA in process
  • Education: BA, MA Accountancy
  • Experience (years): 7 years accounting and tax experience
  • Work Experience (detail): 7 years in public accounting
    • Prepares partnership, S-Corp, C-Corp, consolidated returns
    • Year end workpapers and client advisory 
    • Responds to IRS notices
  • Client niche: Real Estate, Manufacturing, Technology
  • Tech Stack: QB/QBO, CCH Axcess, ProSystems fx, Engagement
  • Remote Work Experience: Y
  • Salary: $90k
  • Time Zone: Mountain
  • Sign up to learn more about this candidate

 

FTE Tax Senior | Candidate ID #22394136

      • Certifications: CPA
      • Education: BA and MA 
      • Experience (years): 8+ years accounting and tax experience
      • Work experience (detail): currently a Tax Associate at a CPA firm
        • Prepared 50 tax returns 90% business and 10% personal
        • Trains interns on tax software and preparation
        • Responds to IRS inquiries and provides client support
      • Client niches: Real Estate, Pharmaceutical, Medical Practices, Manufacturing
      • Tech Stack: QB/QBO, CCH Axcess and Engagement
      • Remote Work Experience: Y
      • Salary: $80k
      • Time Zone: Central
      • Sign up to learn more about this candidate

 

Don’t miss the complete list of top remote accounting, tax, audit, and project-based candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | October 17, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | October 10, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-october-10-2024/ Thu, 10 Oct 2024 16:43:40 +0000 https://www.goingconcern.com/?p=1000897399 Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | October 10, 2024 appeared first on Going Concern.

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Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you!

With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Sign up now to view the complete candidate list and connect with potential hires.

 

ACCOUNTING CANDIDATES

FTE Accounting | Candidate ID # 22574493

  • Certifications: EA in process
  • Education: BA Business
  • Experience (years): 20+ years accounting experience
  • Work experience (detail): Currently Accountant & Office Manager at a CPA firm
    • Full cycle accounting, reconciliations, financial reporting
    • AP/AR, payroll processing and quarterly filing
    • Directed a team of 3 associates
  • Client niches: Construction, Retail, Hospitality, Nonprofits, Telecom, Real Estate, Services
  • Tech Stack: QB/QBO, Centerpoint, PC Law, Wave
  • Remote Work Experience: Y
  • Salary: $55k, with benefits
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

FTE Accounting / Bookkeeping Manager | Candidate ID #22567392

  • Certifications: QBO Certified, Prof Bookkeeper Certificate, CMA in process
  • Education: BA
  • Experience (years): 10+ years of accounting experience
  • Work experience (detail): Currently a client account manager
    • Experience with onboarding clients and accounting software implementations,
    • Managing an accounting team and reviewing full cycle client work
    • Directs workflow optimization and creating SOPs
  • Client niches: Nonprofits, Services, Retail, ecommerce, Manufacturing, Hospitality, SaaS
  • Tech Stack: QB/QBO, Netsuite, Xero, Gusto, Bill.com, Expensify
  • Remote Work Experience: Y
  • Salary: $85k+
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

FTE Accounting | Candidate ID #20555099

  • Certifications: QB/QBO ProAdvisor
  • Education: BA Accounting
  • Experience (years):  5+ years of overall experience
  • Work experience (detail): Currently an Onboarding Accountant with a public firm
    • Client accounting cleanups/catch-ups as far back as two years
    • Experience with 1099’s and sales tax payments
    • Client onboarding and full cycle monthly accounting
  • Client niches: Medical Practices, Real Estate, Insurance, Retail
  • Tech Stack: QB/QBO, Bill.com, Stripe, Gusto, Paychex, Surepay, ADP, Paypal, Paycor
  • Remote Work Experience: Y
  • Salary: $75k
  • Time Zone: Central
  • Sign up to learn more about this candidate

 

TAX AND ACCOUNTING CANDIDATE

FTE Tax and Accounting Senior | Candidate ID #22594117

  • Certifications: CPA in process
  • Education: BS Business, MA Accountancy
  • Experience (years): 4 years of overall experience
  • Work experience (detail): Currently a Staff Accountant with a CPA firm
    • Tax preparation and advisory experience; client-facing
    • Client accounting, cleanup, advisory, year end workpapers
    • Prepared 300+ SMB client tax returns during 2024
  • Client niches: Real Estate, Financial Services, Hospitality
  • Tech Stack: QB/QBO, ProSystems fx, Engagement
  • Remote Work Experience: Y
  • Salary: $90k-100k
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

TAX CANDIDATES

FTE Tax Senior / Manager | Candidate ID # 22512777

  • Certifications: Valuation Analyst, QB/QBO ProAdvisor, CPA
  • Education: BS, MA Accountancy
  • Experience (years):  7 years accounting and tax experience
  • Work experience: 6+ with a CPA firm
    • Prepared and reviewed 250+ returns in 2024
    • International tax return experience
    • Client tax planning, projections, estimates, research
  • Client niches: Real Estate, Investors, Construction, Healthcare, Services, Retail, Nonprofits
  • Tech Stack: QB/QBO, ProSystems fx, Practice Management, Axcess, Checkpoint, Lacerte
  • Remote Work Experience: Y
  • Salary: $120k
  • Time Zone: Mountain
  • Sign up to learn more about this candidate

 

FTE Tax Senior / Manager | Candidate ID # 22207046

  • Certifications: EA, CPA in process
  • Education: BBA Accounting, MS Accountancy
  • Experience (years): 10 years accounting and tax experience
  • Work experience: 8+ years in public accounting
    • Tax return preparation and review experience
    • Accounting, payroll, and financial reporting for SMBs with $5m+ revenue
    • Led and trained staff of 4 associates
  • Client niches: Professional Services, Construction, Real Estate, Retail, HNWIs, Hospitality
  • Tech Stack: QB/QBO, ProSeries, UltraTax, ProFiler, Accounting CS, Creative Solutions Accounting, GoSystems, Caseware, ProFiler System, File Cabinet
  • Remote Work Experience: Y
  • Salary: $92k
  • Time Zone: Central
  • Sign up to learn more about this candidate

 

FTE Tax Senior / Manager  | Candidate ID #22169343

  • Certifications: CPA
  • Education: BS Accounting
  • Experience (years): 10 years accounting and tax experience
  • Work experience (detail): 5+ years with a Big 4 firm
    • 4 years in financial services
    • Led a tax team and redesigned internal processes
    • Builds firm and client reporting and filing technology
    • SMBs, C-Corps, Partnerships, Hedge Funds, Private Equity
  • Client niches: Real Estate, Pharma, Healthcare, Financial Services
  • Tech Stack: QuickBooks, OneSource, Freetaxusa, Alteryx, Tableau, Python, Full Stack
  • Remote Work Experience: Y
  • Salary: $150k, flexible, open to incentives
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

AUDIT CANDIDATE

FTE Audit Senior / Manager | Candidate ID # 22577841

    • Certifications: CPA
    • Education: BS Accounting, MBA Accounting
    • Experience (years):  5+ years in public accounting.
    • Work experience: 5 years with a Big 4 firm
      • 2+ leading complex audit engagements
      • Client contact, planning, team tasking, reporting
      • Prepared training sessions for firm
    • Client niches: Government, Healthcare, Financial Services
    • Tech Stack: Vantage, PowerPoint, Tableau, Alteryx
    • Remote Work Experience: Y
    • Salary:  $110k
    • Time Zone: Eastern
    • Sign up to learn more about this candidate

 

Don’t miss the complete list of top remote accounting, tax, audit, and project-based candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | October 10, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | October 3, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-october-3-2024/ Thu, 03 Oct 2024 14:30:00 +0000 https://www.goingconcern.com/?p=1000897293 Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | October 3, 2024 appeared first on Going Concern.

]]>

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you!

With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Sign up now to view the complete candidate list and connect with potential hires.

 

ACCOUNTING CANDIDATES

FTE Accounting and Audit Senior/Manager | Candidate ID # 22561641

  • Certifications: CPA
  • Education: BBA Accounting and Finance
  • Experience (years): 15+ years of experience in audit, accounting and finance
  • Work experience(detail): 6 years in public accounting
    • Director level in Accounting Services
    • Managed staff of up to 8 in both US and offshore
    • Created and delivered training and assessments programs
  • Client niches: Manufacturing, Nonprofit, CPG, Financial Services, SaaS, Retail, Legal, Construction, Hedge Funds
  • Tech Stack: SAP, Oracle, Dynamics 365, NetSuite, QuickBooks, Sage, Blackbaud
  • Remote Work Experience: Y
  • Salary: $120k
  • Time Zone: Central
  • Sign up to learn more about this candidate

FTE Accounting | Candidate ID #22480507

  • Certifications: Certified QuickBooks ProAdvisor
  • Education: AA Accounting
  • Experience (years): 4+ years accounting experience
  • Work experience (detail): Currently an Associate for a public accounting firm
    • Outsourced client accounting services
    • Trains and reviews work of accounting team
    • Analysis of client’s catalog product costs
  • Client niches: ecommerce, Retail, Services
  • Tech Stack: QB/QBO, Netsuite, Bill.com, Gusto, Veem, Divvy, Brex, Expensify
  • Remote Work Experience: Y
  • Salary: $65k – $75k
  • Time Zone: Mountain
  • Sign up to learn more about this candidate

FTE Accounting | Candidate ID #18101894

  • Certifications: QBO ProAdvisor in process, CPA in process
  • Education: BS Accounting
  • Experience (years): 6+ years of accounting experience
  • Work experience (detail): Currently a Staff Accountant at a public firm
    • Multiple client bookkeeping and accounting
    • Client advisory and planning
    • Prepares and reviews returns
  • Client niches: Retail, Services, Hospitality
  • Tech Stack: QB/QBO, Xero, Gusto, UltraTax, Drake, CCH, ATX
  • Remote Work Experience: Y
  • Salary: $70 – $80k
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID # 22066257

  • Certifications: EA, Compliance and Representation Certified
  • Education: AA Business
  • Experience (years): 30 years accounting and tax experience
  • Work experience (detail): 20 years in public accounting
    • Preparation and review of tax returns
    • Tax planning strategies,advising, research
    • Financial reporting
    • Management of staff, training and development
    • Accounting and bookkeeping skills
    • New business development and cross selling of firm services
  • Client niches: Healthcare, Construction, Retail, Technology, UHNWI, Partnerships,Trusts
  • Tech Stack: QB/QBO, Pro Series, Lacerte, Ultra Tax, Drake
  • Remote Work Experience: Y
  • Salary: $70k
  • Time Zone: Central
  • Sign up to learn more about this candidate

FTE Tax and Accounting Senior / Manager | Candidate ID #  22568084

  • Certification: EA, CPA
  • Education: BSBA Accounting, MBA Accounting
  • Experience (years):  9 years experience in accounting and tax
  • Work experience (detail): 7 years in public accounting
    • Prep and review of returns
    • Manages tax engagements from inception to completion
    • Manages accounting functions: payroll, financial statements, bookkeeping
    • Tax planning, advisory services, research and estimates
  • Client niches: Construction, Real Estate, Pro Athletes, Manufacturing, Distribution, HNWI
  • Tech Stack: QuickBooks, CCH Axcess Tax, ProSeries fx, Engagement, UltraTax, Planner CS, Fixed Assets, TValue, Lacerte
  • Remote Work Experience: Y
  • Salary: $125k
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

FTE Tax and Accounting Senior | Candidate ID #22520741

  • Certifications: EA in process
  • Education: BS Business, MA Accounting and Finance
  • Experience (years): 10+ years tax and accounting experience
  • Work experience (detail): Currently a Tax Accountant at a CPA firm
    • Experience preparing tax returns start to finish
    • Reviews returns prepared by peers
    • Client year-end clean up and workpapers
  • Client niches: Financial Services, Medical Practices, Professional Services, Real Estate, Nonprofits
  • Tech Stack: QB/QBO, UltraTax, LaCerte, Drake
  • Remote Work Experience: Y
  • Salary: $90k – $95k
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

FTE/PTE Tax and Accounting | Candidate ID #19955187

  • Education: BS Management, Accounting Certificate
  • Experience (years): 10 years accounting experience
  • Work experience (detail): Currently an Accountant at a public firm
    • Reviews bookkeeping team process
    • Preparation of complex individual and business returns
    • Payroll experience
  • Client niches: Construction, Hospitality, Hospitality, Retail, Agriculture
  • Tech Stack: QB/QBO, Bill.com, Square, Shopify
  • Remote Work Experience: Y
  • Salary: $30/hour part time, or $62k annual for full-time
  • Time Zone: Mountain
  • Sign up to learn more about this candidate

 

PROJECT-BASED / FREELANCE TALENT

Freelance Contractor Tax and Advisory  | Candidate ID #16399469

  • Certifications: CPA, CFP (inactive)
  • Education: BA Statistics, MS Accounting
  • Experience (years): 16+ years in public accounting
  • Work experience (detail): 10+ years tax preparation and review
    • Operated an advisory firm with 100+ HNWI clients
    • Client advisory and planning
    • Combined wealth management and tax planning
  • Client niches: HNWIs, SMBs, S-Corps, Partnerships, Estates, Real Estate
  • Tech Stack: QuickBooks, UltraTax, ProSystems fx, Drake, Lacerte
  • Remote Work Experience: Y
  • Salary: $100/hour, flexible, open to project pricing
  • Time Zone: Pacific
  • Sign up to learn more about this candidate

Freelance Contractor Tax and Advisory  | Candidate ID #5312435

  • Certifications: QB ProAdvisor, CPA
  • Education: BS Computer Science, BS Accounting and Finance, MBA
  • Experience (years): 30+ years accounting, finance and tax
  • Work experience (detail): Operating own practice
    • 7+ years managing a billion dollar portfolio
    • Contract projects with national CPA firms
    • HNWIs with multiple lines of business
  • Client niches: Real Estate, Retail, ecommerce, Hospitality, Professional Services, Construction
  • Tech Stack: QB/QBO, Drake, Lacerte, UltraTax, Axcess
  • Remote Work Experience: Y
  • Salary: $100/hour, flexible, open to project pricing
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

Freelance Contractor Tax and Accounting  | Candidate ID #22505067

  • Certifications: CPA
  • Education: BBA Accounting
  • Experience (years): 14 years experience
  • Work experience (detail): 12 in public accounting
    • Full cycle accounting and financial reporting
    • SMBs, Partnerships, S and C Corps
    • Led a small tax team for a regional firm
    • Client advisory, preparation and review
  • Client niches: Oil & Gas, Retail, ecommerce, Real Estate, Medical Practices, Law Practices, Hospitality, Services
  • Tech Stack: QB/QBO, Lacerte, GoSystems, ProSeries, CCH Axcess, Engagement, Sage
  • Remote Work Experience: Y
  • Salary: $100/hour, flexible, open to project pricing
  • Time Zone: Central
  • Sign up to learn more about this candidate

Freelance Contractor Tax and Accounting | Candidate ID #20011508

  • Certifications: CPA
  • Education: BS Accounting, MS Accounting, MS MIS
  • Experience (years): 20+ years accounting experience
  • Work experience (detail): 12+ in public accounting
    • Full cycle accounting, financial reporting
    • Audits and reviews, GAAP
    • 12+ tax seasons filing experience
  • Client niches: Real Estate, Manufacturing, Hospitality, Transportation, Professional Services, Medical Practices, Retail, ecommerce, HNWIs
  • Tech Stack: QuickBooks, Accounting CS, Lacerte, ProSeries, UltraTax, ProSystems fx, ATX, Oracle DBA, SQL, PL/SQL
  • Remote Work Experience: Y
  • Comp Goal: $75/hour, flexible
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

Don’t miss the complete list of top remote accounting, tax, audit, and project-based candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | October 3, 2024 appeared first on Going Concern.

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1000897293
Top Remote Accountants of the Week | September 26, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-september-26-2024/ Thu, 26 Sep 2024 15:02:00 +0000 https://www.goingconcern.com/?p=1000897232 Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | September 26, 2024 appeared first on Going Concern.

]]>

Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

ACCOUNTING CANDIDATES

FTE/PTE Accounting | Candidate ID #22552637

  • Education: AA Accounting
  • Experience (years): 25+ years of accounting experience
  • Work experience (detail): Currently with a CPA firm
    • Supervisor of bookkeeping team
    • Manages client list, accounting, financials, advisory
    • Onboarding clients and software conversions
  • Client niches: Retail, ecommerce, Healthcare, Hospitality 
  • Tech Stack: QB/QBO, Xero, NetSuite, Expensify, Gusto, ADP, Paylocity, Square
  • Remote Work Experience: Y
  • Salary: $37-$40/hour or $65- $70k annual
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

FTE Accounting Senior / Manager  | Candidate ID #22531747

  • Certifications:  CPA
  • Education: BBA and BS Accounting
  • Experience (years): 4+ years experience
  • Work experience (detail): 4+ in public accounting
    • Supervises a team of 7+ associates
    • Led the software transition for an acquired firm
    • Prepares nonprofit Form 990s
  • Client niches: Services, Suppliers, Healthcare, Govt-funded Entities, Nonprofits
  • Tech Stack: QB/QBO, Engagement, CaseWare, TeamMate Analytics
  • Remote Work Experience: Y
  • Salary: $115k, flexible
  • Time Zone: Eastern
  • Sign up to learn more about this candidate



TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting Senior / Manager | Candidate ID #22519994

  • Certifications: EA
  • Education: BS Accounting
  • Experience (years): 10+ years tax and accounting experience
  • Work experience (detail): Currently a Tax and Accounting Manager at a CPA firm
    • Tax team filed 400 returns last tax season
    • Preparation, review and resolution experience
    • Client-facing, onboarding, tax advisory
  • Client niches: Real Estate, Transportation, Construction, Retail, Agriculture, Medical Practices, Hospitality
  • Tech Stack: QB/QBO, ATX, Drake, TaxPro, ProSeries, Lacerte
  • Remote Work Experience: Y
  • Salary: $70k+
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

FTE Tax & Accounting | Candidate ID #20587538

  • Certifications: CPA in progress
  • Education: BSBA, MS Accounting
  • Experience (years): 4+ years experience
  • Work experience: 2+ years in public accounting
    • 2 years in an audit and tax role
    • 200 returns prepared during 2024 tax season
    • Financial review and year-end workpapers
  • Client niches: Manufacturing, Retail, Services, Healthcare, Construction, Nonprofits
  • Tech Stack: QuickBooks, QBO, Drake, UltraTax, CCH Engagement, Sage
  • Remote Work Experience: Y
  • Salary: $75k with benefits
  • Time Zone: Central
  • Sign up to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #20719780

    • Certifications: Xero Certified, CPA Candidate
    • Education:  BS, MS Accountancy
    • Experience (years): 8+ years of accounting experience
    • Work experience (detail):  7+ as Senior Accountant with a CPA firm
      • Tax preparation of  both individual and business returns
      • Payroll experience
      • Client facing, financial reviews and tax preparation
    • Client niches: Construction, Hospitality, Law Practices, Services, Marketing
    • Tech Stack: QB/QBO, Xero, Gusto, ADP, automatic bank feeds
    • Remote Work Experience: Y
    • Salary: $70-$80k
    • Time Zone: Eastern
    • Sign up to learn more about this candidate

 

Don’t miss the complete list of top remote accounting, tax, audit, and project-based candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | September 26, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | September 19, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-september-19-2024/ Thu, 19 Sep 2024 15:05:16 +0000 https://www.goingconcern.com/?p=1000897169 Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | September 19, 2024 appeared first on Going Concern.

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Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID #15191471

  • Certifications: EA in progress
  • Education: BA Accounting
  • Experience (years): 7+ years tax and accounting experience in public accounting
  • Work experience (detail): Leads a team of 5+ tax professionals
    • Preparation and review of more complex tax returns
    • Client account leadership and advisory
    • Foreign entities/US non-residents
  • Client niches: SMBs, Partnerships, HNWIs, S and C Corps
  • Tech Stack: QB/QBO, ProSeries, ProSystems fx Tax, Engagement and Planning, CreativeSolutions, Fixed Assets CS, T-value
  • Remote Work Experience: Y
  • Goal: A remote senior tax role with year-round client planning and advisory, with CPA support
  • Salary: $86k – $90k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

FTE Tax and Accounting | Candidate ID #22528116

  • Certifications: CPA
  • Education: BS Accounting, MS Accounting 
  • Experience (years): 10 years of accounting experience
  • Work experience (detail): 7 years tax experience in public accounting
    • Preparation, review and final sign off
    • Exchanges, allocations, cost segregations, partnership agreements
    • Consolidated corporate returns both US and foreign subsidiaries
  • Client niches: Retail, Wholesale, Technology, Medical Practices, Construction, Law Firms, Consultants, Entertainment, Nonprofits
  • Tech Stack: QB/QBO, NetSuite, Restaurant365, Xero, Lacerte, Proconnect, ProSystems fx, CCH Axcess, Drake, Paychex, ADP, Gusto
  • Remote Work Experience: Y
  • Goal: A senior level role with career growth and partner potential
  • Salary: $100k – $120k
  • Time Zone: Pacific
  • Sign up to learn about this Candidate 

FTE Tax and Accounting | Candidate ID #22510988

  • Education: College courses and OJT
  • Experience (years): 12+ years of experience in public accounting
  • Work experience (detail): Currently a Full Charge Bookkeeper in a CPA firm
    • Multiple client payroll experience
    • Supervisory experience
    • Prepares 40+ tax returns per season, S Corps and Individuals
  • Client niches: Services, Construction, Law Firms, Nonprofits
  • Tech Stack: QB/QBO, Creative Solutions, Sage, Drake
  • Remote Work Experience: Y
  • Goal: A senior role with client bookkeeping, tax preparation and financial reporting
  • Salary: $70k
  • Time Zone: Central
  • Sign up to learn about this Candidate 
 

ACCOUNTING CANDIDATES

FTE Accounting | Candidate ID #5402792

  • Certifications: QuickBooks ProAdvisor, EA in progress
  • Education: BA Accounting
  • Experience (years): 15+ years of overall experience 
  • Work experience (detail): Currently a Controller at an outsourced accounting firm
    • Experience cleaning up client accounts
    • Supervising and reviewing the work of a team, with offshore bookkeepers
    • This past tax season prepared 25+ tax returns
  • Client niches: Hospitality, Food Processing, Construction Materials, Medical Practices, Retail
  • Tech Stack: QB/QBO, Drake, UltraTax, TurboTax, Lacerte, BILL.com, Gusto, Method, Shopify
  • Remote Work Experience: Y
  • Goal: Seeking an opportunity with a modern accounting firm with career growth 
  • Salary: $70k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

FTE Accounting Senior / Manager  | Candidate ID #22531747

  • Certifications:  CPA
  • Education: BBA and BS Accounting
  • Experience (years): 4+ years experience
  • Work experience (detail): 4+ in public accounting
    • Supervises a team of 7+ associates
    • Led the software transition for an acquired firm
    • Prepares nonprofit Form 990s
  • Client niches: Services, Suppliers, Healthcare, Govt-funded Entities, Nonprofits
  • Tech Stack: QB/QBO, Engagement, CaseWare, TeamMate Analytics
  • Remote Work Experience: Y
  • Goal: New challenges and experiences, professional growth
  • Salary: $115k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

FTE Accounting Manager  | Candidate ID #22493032

  • Certifications: CPA
  • Education: BBA Management, Accounting Certificate
  • Experience (years): 20+ years accounting experience
  • Work experience (detail): 12+ public accounting
    • Accounting and financial reporting for government entities
    • 8+ years with Big 4 firms
    • 4+ tax seasons in public accounting 
  • Client niches: Government, Technology, Construction, Services, Nonprofit
  • Tech Stack: QB/QBO, UltraTax, Drake, Deltek, Costpoint, Cognos, SAP
  • Remote Work Experience: Y
  • Goal: Account Manager in public accounting with new challenges
  • Salary: $140k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

FTE Accounting | Candidate ID #18541602

  • Certifications: Quickbooks ProAdvisor 
  • Education: BS Accounting
  • Experience (years):  8+ years of total experience
  • Work experience (detail): Currently a Senior Accountant with a CPA firm
    • Leads a team of two staff accountants
    • Prepares new client business setups and onboarding
    • Year end workpapers and learning tax preparation
  • Client niches: eCommerce, Services, Manufacturing, Medical Practices, Construction
  • Tech Stack: QB/QBO, Bill.com, Shopify, Amazon, BigCommerce
  • Remote Work Experience: Y
  • Goal: A career growth position as an Accounting Supervisor or Manager
  • Salary: $85k+ 
  • Time Zone: Central
  • Sign up to learn about this Candidate 

FTE / PT Accounting | Candidate ID #17057581

  • Certifications: Quickbooks Online ProAdvisor
  • Education: BA
  • Experience (years): 10+ years of overall experience
  • Work experience (detail): Currently an Onboarding Specialist at an accounting firm
    • New client onboarding experience with QB / Xero conversions
    • Review of junior associates
    • Experience cleaning up client accounts
  • Client niches: Law firms, Services, Construction, Marketing, Medical Practices
  • Tech Stack: QB/QBO, Xero, ADP, Gusto, Paycom, Stripe, Shopify, Heartland, Schedulicity, BILL, HubDoc 
  • Remote Work Experience: Y
  • Goal: A remote full-charge bookkeeper position with a modern firm
  • Salary: $60k or $30/hour part-time
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

FTE Senior Accountant, Nonprofits  | Candidate ID #18499161

  • Education: BBA, Accounting
  • Experience (years): 7 years experience
  • Work experience (detail): 3+ years directing a nonprofit
    • 2 years forensic accounting
    • Audit projects in public accounting
    • Led accounting and finance functions
  • Client niches: Nonprofit, Government
  • Tech Stack: QB/QBO, ProSystems, Engagement
  • Remote Work Experience: Y
  • Goal: A full cycle accounting role with new challenges and learning opportunities
  • Salary: $80k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

Don’t miss the complete list of top remote accounting, tax, audit, and project-based candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | September 19, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | September 12, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-september-12-2024/ Thu, 12 Sep 2024 19:05:57 +0000 https://www.goingconcern.com/?p=1000897094 Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | September 12, 2024 appeared first on Going Concern.

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Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

 

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID #22480782

  • Certifications: CPA in process
  • Education: BA Accounting, MS Accounting / Taxation
  • Experience (years): 15+ years accounting experience
  • Work experience (detail): 10+ in public accounting
    • Prepares 300+ returns per season
    • Full cycle accounting experience
    • State and local tax filing
  • Client niches: Construction, Retail, Hospitality, Real Estate, Medical Practices, Manufacturing 
  • Tech Stack: QB/QBO, Sage, UltraTax, CCH Axcess, Drake, Lacerte, SurePrep
  • Remote Work Experience: Y
  • Salary: $57k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

FTE Tax and Accounting | Candidate ID #22421873

  • Certifications: CPA in process
  • Education: BBA Accounting
  • Experience (years): 12+ years public accounting experience 
  • Work experience (detail): Currently a Senior Tax Accountant
    • Full cycle accounting experience
    • Prepared 90+ Federal returns, half for SMB clients
    • Supported the firm’s transition to cloud accounting
  • Client niches: Hospitality, Construction, Medical Practices, Retail, Services
  • Tech Stack: QB/QBO, Canopy, Gusto, Drake, CCH Axcess, PayrollMate
  • Remote Work Experience: Y
  • Salary: $85k – $90k
  • Time Zone: Pacific
  • Sign up to learn about this Candidate 

 

FTE Tax and Accounting | Candidate ID # 22519174

  • Education: BA Accounting, MS Finance
  • Experience (years): 8 years tax and accounting experience
  • Work experience: 5+ years in public accounting
    • 3 years tax preparation
    • Accounting, bookkeeping and financial reporting
    • Sales and use tax and payroll tax prep and filing
  • Client niches: Real Estate, Hospitality, Services
  • Tech Stack: QB/QBO, CCH, Lacerte,  Intuit, Drake
  • Remote: Y
  • Salary: $85k – $90k
  • Time Zone: Pacific
  • Sign up to learn about this Candidate 

 

TAX CANDIDATE

FTE Senior Tax Accountant | Candidate  ID #22509763

  • Certifications: CFE, CPA
  • Education: BS Accounting 
  • Experience (years): Over 4 years tax and audit experience
  • Work experience: 3+ years in public accounting
    • Preparation and review of 280+ tax returns
    • Experience working more complex returns
    • Audit, accounting, payroll experience
  • Supervision of staff
  • Client niches: HNWIs, Construction, Real Estate 
  • Tech Stack: QuickBooks, ProSeries, Sage, SMART Practice
  • Remote Work Experience: Y
  • Salary: $100k – $120k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

 

AUDIT CANDIDATE

FTE Audit Senior / Manager | Candidate ID # 21255718

  • Certification: CPA
  • Education: BBA Accounting, MS Accounting
  • Experience (years): 10+ years accounting and audit experience 
  • Work experience (detail): 4+ years in public accounting
    • Audit Manager with a team of 6+ Associates
    • Compilation, review of financial statements both domestic and international
    • Strong client relationships / 100% client retention
  • Client niches: Manufacturing, Oil and Gas, Renewables, Logistics, Healthcare, Software, Consumer Products, Industrial Products, Utilities, Nonprofits, Government
  • Tech Stack: Voyager Suite, Leap, Levvia, Omnia, Icount, Iconfirm, QuickBooks, Bill.com
  • Remote Work Experience: Y
  • Salary: $120k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

PART-TIME  / FREELANCE / PROJECT TALENT

PT Accounting, Tax and Training  | Candidate ID #8646588

  • Certifications: CPA, EA, QB ProAdvisor
  • Education: BS BA, MBA
  • Experience (years): 25+ years accounting and tax
  • Work experience (detail): 20+ in own accounting practice
    • 7 tax seasons with CPA firm
    • Corporate Controller level industry experience
    • Adjunct professor and online instructor
  • Client niches: SMBs, Partnerships, Medical Equipment, Manufacturing, Nonprofits
  • Tech Stack: QB/QBO, Drake, Lacerte, ProSeries, Sage50, PeopleSoft
  • Remote Work Experience: Y
  • Salary: $100/hr, flexible, project pricing
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

 

PT Accounting, Audit, Tax | Candidate ID #18684409

  • Certifications: AICPA Nonprofit Certification, CPA
  • Education: BS Accounting, MA Accounting
  • Experience (years): 20+ years accounting
  • Work experience (detail): 9+ years in public accounting
    • Outsourced accounting, financial reporting, audit projects
    • 7 years accounting leadership roles in nonprofit organizations
    • Own practice, performing contract assignments for CPA firms
  • Client niches: Nonprofits, Education, Community Development
  • Tech Stack: QuickBooks, ProSystems fx, Engagement, UltraTax, Sage, Peachtree, CCH Tax Research, Creative Solutions, Sage, Raiser’s Edge (nonprofit fundraising CRM)
  • Remote Work Experience: Y
  • Salary: $100/hr, flexible, project pricing
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

 

Don’t miss the complete list of top remote accounting candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | September 12, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | September 5, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-september-5-2024/ Thu, 05 Sep 2024 15:40:16 +0000 https://www.goingconcern.com/?p=1000897035 Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | September 5, 2024 appeared first on Going Concern.

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Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

 

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID #22410136

  • Certifications: CPA
  • Education: BS Accounting, MBA 
  • Experience (years): 15+ years accounting experience 
  • Work experience (detail): Currently a Tax Senior at a CPA firm
    • Experience with expense planning for S-corps
    • Filed 150+ SMB and individual tax returns last season
    • Tax planning and client advisory
    • Reviews work of accounting team, including offshore
  • Client niches: Medical Practices, Entertainment, Real Estate, Construction
  • Tech Stack: QB/QBO, Lacerte, ProSeries fx, Sage, Onvio, CCH, Karbon
  • Remote Work Experience: Y
  • Salary: $87k+ 
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

FTE Tax and Accounting | Candidate ID # 20139528

  • Certifications: EA
  • Education: BA 
  • Experience (years):  8+ years of overall accounting experience
  • Work experience (detail): 5 tax seasons filing experience
    • Reviewed 100+ individual returns last tax season
    • Tax resolution and advisory experience
    • State and local tax experience
  • Client niches: Retail, Services, Real Estate, Construction, Transportation
  • Tech Stack: QB/QBO, UltraTax, ProSeries
  • Remote Work Experience: Y
  • Salary: $90k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

FTE Senior Tax and Accounting | Candidate ID # 22351399

  • Certifications: EA
  • Education: BA Accounting, MS Accounting
  • Experience (years): 7+ years of business experience
  • Work experience: 3+ in public accounting
    • Prepares more complex returns
    • Tax planning, research, client advisory
    • General accounting, payroll and bookkeeping
  • Client niches: Cryptocurrency, Entertainment, Hospitality, Construction, Real Estate, Medical Practices, Professional Services, Aviation
  • Tech Stack: QuickBooks, ADP, Drake, Banner
  • Remote Work Experience: Y
  • Salary: $100k – $110k
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

FTE/PTE Tax and Accounting | Candidate ID #19573445

  • Education: AAS Accounting
  • Experience (years): 30 years tax and accounting experience
  • Work experience (detail): 20+ in public accounting
    • Prepared 250+ returns in 2024, 60% individual and 40% business
    • Experience with accounting clean up for multiple clients
    • Supervisory experience
  • Client niches: Construction, Agriculture, Medical Practices, Hospitality, Retail, Nonprofit
  • Tech Stack: QB/QBO, UltraTax, Sage, RightNetworks
  • Remote Work Experience: Y
  • Salary: $75k for full time, $55/hr part time or project work, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

TAX CANDIDATES

FTE Tax Accounting | Candidate ID #22242584

  • Certifications: EA in process
  • Education: BBA Accounting
  • Experience (years): 2 years experience in tax preparation
  • Work experience (detail): Currently a Tax Associate at a CPA firm
    • Tax preparation for HNWIs and trusts
    • Supports preparation of large C-Corp returns
    • Prepares quarterly tax estimates and planning
  • Client niches: Nonprofit, Hospitality, Manufacturing, Biotech, Technology
  • Tech Stack: QBO, CCH Axcess, UltraTax
  • Remote Work Experience: Y
  • Salary: $70k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

 

FTE Tax Accounting | Candidate ID #17625794

  • Certifications: CPA 
  • Education:  BBA, Accounting
  • Experience (years): 15+ years of overall experience 
  • Work experience (detail): Operated a CPA practice
    • Experienced with S and C Corps, SMBs, Partnerships
    • New client accounts clean up and financial reporting 
    • Client relationship management
  • Client niches: Startups, Services, Construction, Transportation 
  • Tech Stack: QB/QBO, Drake, E2 Shop-Tech, NetSuite, MYOB, Peachtree
  • Remote Work Experience: Y
  • Salary: $70k – $80k
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

FTE Tax Senior / Manager | Candidate ID # 22498284

  • Certifications: CPA
  • Education: BS Accounting, MBA
  • Experience (years): 25+ years in public accounting
  • Work experience: Tax Manager with a national practice
    • Preparation and review of tax returns
    • Works complex tax returns to include UHNWI
    • Manages client relationship and tax engagements
    • Managed up to 10 staff
  • Client niches: Nonprofits, Real Estate, Property Management, Construction, Manufacturing
  • Tech Stack: QB/QBO, CCH Axcess, Workflow, Practice Management
  • Remote: Y
  • Goals: Remote senior / manager tax role with a growing practice and new challenges
  • Salary: $120k – $130k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

 

Don’t miss the complete list of top remote accounting candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | September 5, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | August 29, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-august-29-2024/ Thu, 29 Aug 2024 12:35:00 +0000 https://www.goingconcern.com/?p=1000896988 Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | August 29, 2024 appeared first on Going Concern.

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Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

ACCOUNTING CANDIDATES

FTE Accounting | Candidate ID #22164759

  • Certifications: CPA in process
  • Education: BA and MA Accounting
  • Experience (years): 20 years business experience
  • Work experience (detail): 6+ in public accounting
    • Provides accounting services for multiple clients
    • Payroll processing and tax filing
    • Prepares Federal filings for SMBs, S-Corps and Trusts
  • Client niches: Medical Practices, Law firms, Retail, Transportation, Real Estate
  • Tech Stack:  QB/QBO, UltraTax, AppFolio, FixedAssets
  • Remote Work Experience: Y
  • Salary: $80k
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

FTE Accounting Senior / Manager | Candidate ID #22056820

  • Certifications: QuickBooks ProAdvisor
  • Education: BA and MS Accountancy
  • Experience (years):  6+ years accounting experience
  • Work experience (detail): 4+ in public accounting
    • 2+ years managing an accounting team
    • 14+ full cycle accounting clients
    • New client set up, processes and procedures
  • Client niches: Retail, ecommerce, SaaS, SMBs
  • Tech Stack: QB/QBO, Xero, Shopify, Gusto, TaxJar, StripeWorx, Paypal
  • Remote Work Experience: Y
  • Salary: $110k, flexible
  • Time Zone: Pacific
  • Sign up to learn about this Candidate

 

TAX AND ACCOUNTING CANDIDATE

FTE Senior Tax and Accounting | Candidate ID #21979410

  • Education: BBA Accounting
  • Experience (years): 9+ years accounting experience
  • Work experience (detail): 2+ years with current firm
    • Senior Accountant with 20+ full cycle accounting clients
    • Prepared 300+ and reviewed 100+ Federal returns in 2024
    • Filed sales and payroll taxes in multiple states
  • Client niches: Construction, Energy, Healthcare, Professional Services
  • Tech Stack: QB/QBO, Xero, Wave, Sage, ADP, Gusto, Paychex, iSolved
  • Remote Work Experience: Y
  • Salary: $70k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

TAX CANDIDATES

FTE Tax Accountant | Candidate ID #17358021

  • Certifications: EA
  • Education: OJT, AS Accounting
  • Experience (years): 10+ years of overall experience
  • Work experience (detail): Currently a Tax Senior / EA with a CPA firm
    • Tax planning, advisory and resolution experience
    • Prepared and reviewed 250+ returns
    • State, local and international tax filing
  • Client niches: Healthcare, Banking, Medical Practices, Retail, Hospitality
  • Tech Stack: Lacerte, UltraTax, ProSeries, Drake, BlockWorks
  • Remote Work Experience: Y
  • Salary: $70k +
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax Senior / Manager | Candidate ID #22218865

  • Certifications: CPA
  • Education: BS and MA Accountancy
  • Experience (years): 4+ years accounting and tax experience
  • Work experience (detail): 5 tax seasons in public accounting
    • 150+ clients, 80% review in 2024
    • Tax planning and advisory for HNWIs
    • Leading team of 4+ tax associates
  • Client niches: Real Estate Partnerships, SMBs, Medical Practices, Retail, eCommerce, Digital Media & Marketing
  • Tech Stack: QB/QBO, Accounting CS, Fixed Assets, UltraTax CS, Lacerte, Drake
  • Remote Work Experience: Y
  • Salary: $115k – $120k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax Accountant | Candidate ID #20515352

  • Certifications: CPA Candidate
  • Education: BS Finance
  • Experience (years): 6+ years of overall experience
  • Work experience (detail): Tax Senior with a national firm
    • Preparation and review experience
    • Financial statements, year end workpapers
    • Estimated payments, tax notice responses
  • Client niches: Healthcare, Real Estate, Private Equity, Hospitality, Oil & Gas
  • Tech Stack: QBO, CCH, ProSystems, OneSource
  • Remote Work Experience: Y
  • Salary: $80k – $90k
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

AUDIT CANDIDATE

FTE Audit and Accounting | Candidate ID #22210682

  • Certifications: CPA and EA in process
  • Education: BS Taxation and Accounting
  • Experience (years): 8 years of accounting, audit and tax experience
  • Work experience: 7+ years of public accounting experience
    • Led audit, review and compilation projects
    • Managerial experience, teams of 4 professionals
    • Financial statements, GL, A/P, A/R, payroll and tax preparation
  • Client niches: Government, Nonprofits, Hospitality, Construction
  • Tech Stack: QB/QBO/Payroll, Ultratax, Accounting CS, Drake
  • Remote Work Experience: Y
  • Salary: $95k+
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

PART-TIME  / FREELANCE / PROJECT TALENT

PT Freelance Tax and Accounting | Candidate ID #17620351

    • Certifications: CPA
    • Education: BBA Accounting and Finance
    • Experience (years): 20+ years tax experience
      • 10+ years with Big 4 firms
      • 4 years with boutique firms
      • Tax research, planning, advisory
      • Business development, practice growth
    • Client niche: UHNWIs, Private Equity, Hedge Funds, International, Consumer Products, Real Estate, Financial Services, Family Office, Professional Services
    • Tech Stack: GoSystem, ProSystems, Axcess, BNA Income Tax Planner, CCH Tax Research, RIA Checkpoint, K-1 Suite
    • Remote Work Experience:  Y
    • Salary: $175/hour, flexible depending on project scope
    • Time Zone: Eastern
    • Sign up to learn about this Candidate

 

Don’t miss the complete list of top remote accounting candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | August 29, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | August 22, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-august-22-2024/ Thu, 22 Aug 2024 18:28:18 +0000 https://www.goingconcern.com/?p=1000896947 Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | August 22, 2024 appeared first on Going Concern.

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Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

 

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID #22103110

  • Certifications: CPA Candidate
  • Education: BS, Accounting
  • Experience (years): 7+ years of overall experience
  • Work experience (detail): 6+ years with CPA firms
    • Mentoring and training the accounting team
    • Tax return preparation for individuals, SMBs and Nonprofits
    • Prepared monthly, quarterly and annual financial statements
  • Client niches: Medical Practices, Real Estate, Construction, Agriculture
  • Tech Stack: QB/QBO, Accounting CS, Lacerte, UltraTax
  • Remote Work Experience: Y
  • Salary: $80k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

FTE Tax and Accounting Senior | Candidate ID #22105553

  • Certifications: EA
  • Education: BS Accounting, BS Finance
  • Experience (years): 15+ years accounting and tax experience
  • Work experience (detail): 12+ years with one public firm
    • Led a tax team of 5+ tax associates
    • Federal, SALT and payroll tax preparation and review
    • Full cycle accounting services
  • Client niches: SMBs, Healthcare, Medical Practices, Publishing, Nonprofits
  • Tech Stack: QB/QBO, Accounting CS, UltraTax, TaxWise, SurePrep, Onvio, Avalara
  • Remote Work Experience: Y
  • Salary: $90k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

FTE Tax and Accounting Senior |Candidate ID #22390262

  • Certifications: CPA
  • Education: BA Accounting, MS Accountancy
  • Experience (years): 5 years experience in accounting, audit and tax
  • Work experience: 4+ in public accounting
    • Consolidated and multi-state corporate returns
    • Preparation and review of tax returns
    • Planned and conducted audit projects
    • SALT filing in several jurisdictions
  • Client niches: Construction, Nonprofits, Professional services, Manufacturing
  • Tech Stack: QB/QBO, Intuit TurboTax, ProSeries, ProSystems fx, Foundation, PeopleSoft
  • Remote Work Experience: Y
  • Salary:  $100k – $105k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax and Accounting Senior | Candidate ID #22059280

  • Certifications:  CPA in process
  • Education: BS Business Administration, MA Accountancy
  • Experience (years): 5+ years public accounting experience
  • Work experience (detail):  3+ with same firm
    • Year end work papers and return preparation
    • Full cycle accounting services for multiple clients
    • Audit projects, compilations and reviews
  • Client niches: Real Estate, Construction, Medical Practices, Services, Retail, Transportation
  • Tech Stack: QB/QBO, Xero, Ajera, UltraTax, Fixed Assets, Axcess
  • Remote Work Experience: Y
  • Salary: $90k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

FTE Tax And Accounting | Candidate ID #19331317

  • Certifications: QuickBooks Pro Advisor, EA in process
  • Education: BS Business, Accounting
  • Experience (years): 30 years experience in the accounting industry
  • Work experience:  20+ years in public accounting
    • 20+ years tax prep and review
    • Leads team of 3 employees
    • Tax planning, projections, and advisory
  • Client niches: SMBs, Services, Retail, Construction, Hospitality, Nonprofits
  • Tech Stack: QBO, QBDT, ProSystem fx, UltraTax CS,  Fixed Assets CS, FileCabinet CS
  • Remote Work Experience: Y
  • Salary: $80k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax And Accounting | Candidate ID #22241936

  • Certifications: CPA in process
  • Education:BS Accounting
  • Experience (years): 5 years accounting experience
  • Work experience (detail): Currently a Senior Tax Associate
    • Experience performing tax research and advising clients
    • 4 tax seasons preparation, 1 season review experience
    • SMBs, HNWIs, Nonprofits
  • Client niches: Agricultural, Retail, Manufacturing, Financial Services, Real Estate, Tech, Nonprofit
  • Tech Stack: QB/QBO, CCH Axcess Suite, Prosystem fx Suite, Bloomberg, Tax BNA
  • Remote Work Experience: Y
  • Salary: $95k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax Senior Advisor / Manager | Candidate ID #22127023

  • Certifications: CPA, QB ProAdvisor
  • Education: BA Accounting, MBA Finance and Accounting
  • Experience (years): 20+ years accounting experience
  • Work experience (detail): Current CPA firm for 10+ years
    • Led a CPA firm with full cycle accounting and tax
    • Prepares, reviews and files Federal, SALT
    • SMB advisory, financial analysis, tax planning
  • Client niches: SMBs, HNWIs, S-Corps, Trusts
  • Tech Stack: QB/QBO, UltraTax, ProSystems fx, Creative Solutions, File Cabinet, FixedAssets, Banner, Cognos, Great Plains
  • Remote Work Experience: Y
  • Salary: $180k, flexible, open to part time at $100/hr
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

ACCOUNTING CANDIDATE

FTE Senior Accounting  | Candidate ID #22159381

  • Certifications: Xero Certified, QBD ProAdvisor, Bill.com Certified
  • Education: College courses, OJT
  • Experience (years): 20+ years of overall experience
  • Work experience (detail): Senior Associate for a remote accounting firm
    • Reviews bookkeeper team’s work for multiple clients
    • Accounting software implementation
    • Led a 5+ member team in a fast-paced accounting office
  • Client niches: Medical Practices, Legal Practices, Property Management, Nonprofits
  • Tech Stack: QB/QBO, Xero, TalentPro, BILL.com
  • Remote Work Experience: Y
  • Salary: $70 – $80k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

AUDIT AND FINANCIAL REPORTING CANDIDATE

FTE Senior Finance / Advisory | Candidate ID #5309626

  • Certifications: CPA
  • Education: BS BA Accounting
  • Experience (years): 7+ years accounting and finance
  • Work experience (detail):  4+ in public accounting
    • Financial analysis, equity comp valuations
    • SEC filing 10-K and 10-Q
    • Calculation of footnote disclosures
  • Client niches: Real Estate, Car Rental, Manufacturing, Foundations, Technology
  • Tech Stack: QuickBooks, NetSuite, Oracle, UltraTax, ProSystems fx Engagement, CoStar Lease
  • Remote Work Experience: Y
  • Salary: $135k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

PART-TIME  / FREELANCE / PROJECT TALENT

PTE / FTE Accounting | Candidate ID #21979484

  • Certifications: QBO ProAdvisor, Bill.com
  • Education: BS Business Administration, MBA in process
  • Experience (years): 8 years of overall experience
  • Work experience (detail): 5+ years public accounting experience
    • Currently a Controller at an accounting firm
    • Experience reviewing the work of others
    • 2 years of bank accounting experience
  • Client niches: Retail, ecommerce, Restaurants, Banking.
  • Tech Stack: QB/QBO, Xero, Bill.com, Gusto, ADP, Shopify, Amazon, Hubspot, Drake
  • Remote Work Experience: Y
  • Salary: $70k for FTE,  $25/hr PTE
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

PT Freelance Tax and Accounting | Candidate ID #18295356

  • Certifications: CPA, CFP, CFA
  • Education: BS in Accountancy
  • Experience (years): 20 years accounting experience
    • 8+ in public accounting
    • 10+ in global investment operations
    • Fund accounting $100m – $3b
  • Client niche: SMBs, C-Corps, LLCs, Real Estate, Partnerships, Investment funds
  • Tech Stack: UltraTax, Lacerte, Drake
  • Remote Work Experience:  Y
  • Salary: $50-$75/hr, depending on complexity
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

Don’t miss the complete list of top remote accounting candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | August 22, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | August 15, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-august-15-2024/ Thu, 15 Aug 2024 19:37:47 +0000 https://www.goingconcern.com/?p=1000896893 Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | August 15, 2024 appeared first on Going Concern.

]]>

Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

ACCOUNTING CANDIDATES

FTE Accounting | Candidate ID #22164769

  • Certifications: EA in process
  • Education: BS BA, MBA, MS Accountancy
  • Experience (years): 5+  years accounting experience
  • Work experience (detail): Senior Accountant/Controller at an accounting firm
    • Writing and implementing client SOPs
    • Client-facing financial reviews
    • Leads 5 staff accountants
  • Client niches: Retail, ecommerce, Construction, SaaS, Nonprofits, Hospitality
  • Tech Stack: QB/QBO, Xero, Bill.com, Gusto, Paychex, Fathom, Shopify, Amazon, Square
  • Remote Work Experience: Y
  • Salary: $80k – $85k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

 

 FTE Accounting | Candidate ID #19804258

  • Certifications:  QuickBooks and Xero Certified, Payroll Professional
  • Education: BS Accounting 
  • Experience (years): 15+ years accounting experience
    • Currently an accounting and payroll manager
    • Full cycle accounting for 12+ clients
    • Month end close and financial reviews
  • Client niche: SMBs, Construction, Professional Services, BioTech
  • Tech Stack: QB/QBO, Xero, Hubdoc, Bill.com, Paylocity
  • Remote Work Experience: Y
  • Salary: $85k – $90k
  • Time Zone: Mountain
  • Sign up to learn about this Candidate 

 

FTE Accounting | Candidate ID #21961524 

  • Certifications: QBO ProAdvisor, CPA in process
  • Education: BBA Accounting, MBA 
  • Experience (years): 5 years of accounting experience 
  • Work experience (detail): Senior Accountant with a public firm
    • Reviews the work of 2 staff accountants
    • Experience onboarding new clients
    • Previous tax preparation experience
  • Client niches: CPG, SaaS, Retail, Restaurants, Medical Practices, Construction
  • Tech Stack: QB/QBO, Xero, Bill.com, Gusto, Ramp
  • Remote Work Experience: Y
  • Salary: $80k – $90k
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

FTE Accounting | Candidate ID #17590754

  • Certifications: Certified QuickBooks Online ProAdvisor
  • Education: BSAccounting
  • Experience (years): 20+ years of experience 
  • Work experience (detail): Cloud accounting firm Advisor/Staff Accountant
    • Client-facing experience including client advisory work
    • Experience setting up payroll
    • Past experience with tax preparation
  • Client niches: Technology, Construction, Real Estate, Nonprofits, Retail, Medical Practices, Franchisees, Hospitality
  • Tech Stack: QB/QBO, Xero, Expensify, Bill.com, Gusto, Restaurant 365, Sage Mas 90, Sage Business Works
  • Remote Work Experience: Y
  • Salary:  $80k – $100k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

 

FTE Senior Accounting | Candidate ID #19590184

  • Certifications: CPA in process
  • Education: BBA Accounting
  • Experience (years): 8 in public accounting
  • Work experience (detail): Currently a Manager with a public accounting firm
    • 7+ years at current firm
    • Manages the accounting services relationship for 10+ clients
    • Hands-on with client work and reviews team output 
    • Conducts tax planning, strategy and supports client transactions
  • Client niches: Hospitality, Restaurants, Franchisees
  • Tech Stack: QB/QBO, Sage Intacct, Bill.com, Expensify, Proliant
  • Remote Work Experience: Y
  • Salary: $100k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 



TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID #22207968

  • Certifications: EA in progress
  • Education: BS BA Accounting
  • Experience (years): 6 years accounting experience
  • Work experience (detail): Tax preparation and accounting experience
    • 3+ years in cost accounting in manufacturing
    • In 2024 prepared 50+ tax individual and SMB returns, reviewed 20+
    • Financial statement preparation
  • Client niches: Franchisees, Hospitality, Agriculture, Manufacturing
  • Tech Stack: QB/QBO, Caseware, ADP,  Lacerte, CCH Axcess, UltraTax, MFiles
  • Remote Work Experience: Y
  • Salary: $70k – $75k
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

FTE Senior Tax and Accounting | Candidate ID #17074960

  • Certifications: EA in progress, QB ProAdvisor
  • Education: BS Business Administration, MBA Accounting
  • Experience (years): 11 years of tax and accounting
  • Work experience: 8 years in public accounting
    • Prepares and reviews tax returns
    • Experienced with more complex returns
    • Managed a team of 7+ staff accountants
    • Tax planning, advisory, research and quarterly estimates 
  • Client niches: HNWIs, SMBs, Entertainment, Real Estate, Healthcare, Professional Services
  • Tech Stack: Lacerte, ProConnect Tax, ProSeries, Drake, QB/QBO, UltraTax, Yardi
  • Remote Work Experience: Y
  • Salary: $90k – $100k
  • Time Zone: Mountain
  • Sign up to learn about this Candidate 

 

FTE Senior Tax and Accounting | Candidate ID #22044344

  • Certifications: CPA in process
  • Education: BS Accounting
  • Experience (years): 10+ years accounting experience
  • Work experience (detail): 10+ years in public accounting
    • Averages 200 returns prepared per tax season
    • Quarterly financials, SBA loan submittals
    • Tax planning and advisory
  • Client niches: HNWIs, SMBs, Trusts, Nonprofits, Real Estate, Medical Practices
  • Tech Stack: QB/QBO, Lacerte, ProSystems fx, Fixed Assets, Engagement, Document, ProSeries, PeopleSoft
  • Remote Work Experience: Y
  • Salary: $80k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

 

FTE Accounting and Tax | Candidate ID #21994555

  • Certifications: CPA 
  • Education: BBA Accounting, MS Accountancy
  • Experience (years): 10 years of overall experience
  • Work experience (detail): Currently a Staff Accountant with a CPA firm
    • 7+ years in banking and heavy industry
    • Full cycle accounting for SMB clients
    • Tax filing and advisory services
  • Client niches: Services, Education, Retail, Nonprofits
  • Tech Stack: QB/QBO, Shopify, Square
  • Remote Work Experience: Y
  • Salary: $80k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

FTE Senior / Manager Tax and Accounting | Candidate ID #5312003

  • Certifications: CPA, Xero Advisor, Bill.com Certified
  • Education: BS Accounting
  • Experience (years): 20+ years experience in accounting and tax
  • Work experience: 7 years public accounting
    • Reviewed 200+ returns during 2024 tax season
    • Strategic client tax and business advisory
    • Led a tax team of 10 associates
  • Client niches: Professional Services, Real Estate, Construction, Retail, Healthcare
  • Tech Stack: QB/QBO, Lacerte, Cerner, Xero, ProConnect Tax, Gusto, Bill.com, Asana, ZenDesk 
  • Remote Work Experience: Y
  • Salary: $100k+
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

TAX CANDIDATES

FTE Tax Senior | Candidate ID #17052104

  • Certifications: EA
  • Education:  BA 
  • Experience (years): 6+ years accounting and tax
  • Work experience (detail): 6 tax seasons in public accounting
    • 2024 tax season performed 70% review
    • Client facing and advisory
    • SMBs, Startups, Partnerships, S-Corps
  • Client niches: Real Estate, Construction, Retail, ecommerce, Services
  • Tech Stack: QBO, Drake, CCH Suite, Axcess, Lacerte, UltraTax, Karbon, ClickUp, Trelllo, Zoom, Slack, Salesforce
  • Remote Work Experience: Y
  • Salary: $85k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

FTE Tax Senior | Candidate ID #22155506

  • Certifications: EA in process
  • Education: BS Accounting
  • Experience (years): 4+ years accounting and tax experience
  • Work experience (detail): 4+ in public accounting
    • Managing tax matters for 150+ clients
    • Financial analysis and reporting 
    • SMBs, Partnerships, S-Corps, HNWIs
  • Client niches: Medical Practices, Law Firms, Real Estate, Construction, Services, HNWIs
  • Tech Stack: QBO, UltraTax, Accounting CS
  • Remote Work Experience: Y
  • Salary: $85k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

 

FTE Tax Senior / Manager | Candidate ID #20515152

  • Certifications: CPA
  • Education: BS Accounting
  • Experience (years): 10+ accounting experience
  • Work experience: 9+ in public accounting
    • Prep and review of more complex returns
    • Advisory services, tax planning and strategies
    • Managed staff of 3+ Associates
    • Performed tax audits and negotiated with tax auditors
  • Client niches: Real Estate, Retail, Healthcare, Medical Practices, Professional Services.
  • Tech Stack: QB/QBO, Lacerte, Drake, Proseries, UltraTax, QuickBooks, CaseWare
  • Remote Work Experience: Y
  • Salary: $125k – $145k
  • Time Zone: Pacific
  • Sign up to learn about this Candidate 

 

FTE Tax Manager | Candidate ID # 21955903

  • Education: BS Accounting
  • Experience (years): 20+ years in tax and accounting
  • Work experience: 10+ years in public accounting
    • 5+ years Tax Manager experience
    • Prepares and reviews returns
    • Team prepared 5,000+ returns this tax season
    • Managed a team of 10
  • Client niches: HNWIs, SMBs, S-Corps, C-Corps 
  • Tech Stack: Lacerte, UltraTax, QB, Peachtree
  • Remote Work Experience: Y
  • Salary: $140k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 



AUDIT CANDIDATE

FTE Audit Senior / Manager | Candidate ID #19309370

    • Certifications: QB Certified, CPA in process
    • Education: BS Economics, MS Accountancy
    • Experience (years): 8+ years of accounting and audit experience 
    • Work experience: 6+ years in public accounting
      • Prep, review and reconciliation of financial statements
      • Completed audits, reviews and compilations from start to finish
      • Managed up to 25 people
    • Client niches: Construction, Healthcare, Retail, HNWIs, Real Estate, Agriculture, Nonprofits
    • Tech Stack: CCH ProSystems fx Tax and Audit, Lacerte, Accounting CS, SMART Practice Aids 
    • Remote Work Experience: Y
    • Salary: $90k – $110k
    • Time Zone: Central
    • Sign up to learn about this Candidate 

Don’t miss the complete list of top remote accounting candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | August 15, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | August 8, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-august-8-2024/ Thu, 08 Aug 2024 18:29:26 +0000 https://www.goingconcern.com/?p=1000896837 Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | August 8, 2024 appeared first on Going Concern.

]]>

Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

 

ACCOUNTING CANDIDATE

FTE Accounting Manager | Candidate ID #21968103

  • Certifications: CPA
  • Education: BSBA Accounting, MS Accounting
  • Experience (years): 12+ years accounting experience
  • Work experience (detail):  4 years with a national firm
    • 5+ years private equity, asset management
    • 3+ years ecommerce with multiple entities
    • 6+ years accounting management experience
  • Client niches: SaaS, ecommerce, Retail, Private Equity
  • Tech Stack: QBO, SAP, Bill.com, SalesForce, Brex, Carta (equity accounting), Expensify, Zenefits, Anorak (SALT for SaaS)
  • Remote Work Experience: Y
  • Salary: $135k, flexible
  • Time Zone: Mountain
  • Sign up to learn about this Candidate 

 

TAX CANDIDATE

FTE Tax Accountant | Candidate ID #22103574

  • Education: BS Accounting, MS Taxation
  • Experience (years): 7 years tax experience
  • Work experience (detail): 5 years in public accounting
    • Regional and small public firm experience
    • Federal, state and local tax filing
    • HNWIs, SMB, Partnerships, S-Corps, C-Corps
  • Client niches: Real Estate, Medical Practices, Professional Services, Retail, Construction
  • Tech Stack: QuickBooks, Axcess, ProSystem fx, Engagement, RIA CheckPoint, OneSource, BNA, Sage
  • Remote Work Experience: Y
  • Salary: $85k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

AUDIT CANDIDATE

FTE Audit Senior / Manager | Candidate ID #21255718

  • Certification: CPA
  • Education: BBA Accounting, MS Accounting
  • Experience (years): 10+ years accounting and audit experience 
  • Work experience (detail): 4+ years in public accounting
    • Audit Manager with a team of 8 Associates
    • Compilation, review of financial statements both domestic and international
    • Strong client relationship / 100% client retention
  • Client niches: Manufacturing, Oil and Gas, Renewables, Logistics, Healthcare, Software, Consumer Products, Industrial Products, Utilities, Nonprofits, Government
  • Tech Stack: Voyager Suite, Leap, Levvia, Omnia, Icount, Iconfirm, QuickBooks, Bill.com
  • Remote Work Experience: Y
  • Salary: $120k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

TAX AND ACCOUNTING CANDIDATES

FTE Senior Tax and Accounting | Candidate ID #22067679

  • Certifications: Enrolled Agent, QBO ProAdvisor
  • Education: BS Accounting
  • Experience (years): 11+ years tax experience
  • Work experience (detail): All in public accounting
    • Client tax planning and advisory
    • Year end workpapers through preparation
    • Onboarding new clients and employees
  • Client niches: Agriculture, Retail, Hospitality, Real Estate, Manufacturing, Professional Services, Medical Practices
  • Tech Stack: QB/QBO, ProSystem fx, UltraTax, TaxAct
  • Remote Work Experience: Y
  • Salary: $85k, flexible
  • Time Zone: Pacific
  • Sign up to learn about this Candidate 

 

FTE Senior Tax and Accounting | Candidate ID #22048986

  • Education: BBA Finance, MBA Finance
  • Experience (years):  16 years accounting experience
  • Work experience (detail): 9 years in public accounting
    • Full cycle accounting, financial reporting
    • Year end work papers and tax preparation
    • Filing of indirect tax in 25+ states and jurisdictions
  • Client niches: Manufacturing, Retail, Services, Real Estate, Nonprofits
  • Tech Stack: QB/QBO, Accounting CS, UltraTax, MiniTab, Peachtree
  • Remote Work Experience: Y
  • Salary: $85k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

FTE Senior Tax and Accounting | Candidate ID #20590604

  • Certification: Enrolled Agent
  • Education: BA Accounting, in process
  • Experience (years):  20+ years of accounting and tax experience.   
  • Work experience (detail): 18+ years in public accounting
    • Manages a book of business of tax and accounting clients
    • Complex individual tax return preparation
    • Financial reporting and advisory for SMB clients
  • Client niches: Retail, Services, Hospitality
  • Tech Stack: QuickBooks, UltraTax, Drake, TaxSlayer, TurboTax
  • Remote Work Experience: Y
  • Salary: $80k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

 

FTE Senior Tax and Accounting | Candidate ID #21979410

  • Education: BBA Accounting
  • Experience (years): 9+ years accounting experience 
  • Work experience (detail): 2+ years with current firm
    • Senior Accountant with 20+ full cycle accounting clients
    • Prepared 300+ and reviewed 100+ Federal returns in 2024
    • Filed sales and payroll taxes in multiple states
  • Client niches: Construction, Energy, Healthcare, Professional Services
  • Tech Stack: QB/QBO, Xero, Wave, Sage, ADP, Gusto, Paychex, iSolved
  • Remote Work Experience: Y
  • Salary: $70k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

FTE/PTE Tax and Accounting | Candidate ID #19573445

  • Education: AAS Accounting
  • Experience (years): 25+ years of tax and accounting experience
  • Work experience (detail): 18+ in public accounting
    • Prepared 250+ returns in 2024, 60% individual and 40% business
    • Experience with accounting systems clean up for multiple clients
    • Supervisory experience
  • Client niches: Construction, Agriculture, Medical Practices, Hospitality, Retail, Nonprofit
  • Tech Stack: QB/QBO, UltraTax, Sage, RightNetworks
  • Remote Work Experience: Y
  • Salary: $75k for full time, $55/hr part time or project work, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate 

Don’t miss the complete list of top remote accounting candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | August 8, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | August 1, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-august-1-2024/ Thu, 01 Aug 2024 21:23:20 +0000 https://www.goingconcern.com/?p=1000896782 Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | August 1, 2024 appeared first on Going Concern.

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Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

  • ACCOUNTING CANDIDATES

    FTE Accounting Manager | Candidate ID #22056820

    • Certifications: QuickBooks ProAdvisor
    • Education: BA and MS Accountancy 
    • Experience (years):  6+ years accounting experience
    • Work experience (detail): 4+ in public accounting
      • 2+ years managing an accounting team
      • 14+ full cycle accounting clients
      • New client set up creating processes and procedures
    • Client niches: Retail, ecommerce, SaaS, SMBs
    • Tech Stack: QB/QBO, Xero, Shopify, Gusto, TaxJar, StripeWorx, Paypal
    • Remote Work Experience: Y
    • Salary: $110k, flexible
    • Time Zone: Pacific
    • Sign up to learn about this Candidate 
     

    FTE Accounting/Bookkeeping | Candidate ID #22002309

    • Education: BS Accounting
    • Experience (years): 2+ years of accounting experience
    • Work experience (detail): Currently a Staff Accountant with a CPA firm
      • Payroll experience
      • Audit projects and financial statement support
      • Full charge bookkeeping and clean up experience
    • Client niches: Construction, Retail, Hospitality, Real Estate
    • Tech Stack: QB/QBO 
    • Remote Work Experience: Y
    • Salary: $60k
    • Time Zone: Central
    • Sign up to learn about this Candidate 
     

    FTE Accounting | Candidate ID # 22047325

    • Education: OJT and college coursework
    • Experience (years): 15 years accounting experience 
    • Work experience (detail): Leads a team of 12+ associates
      • Full cycle accounting for 30+ clients
      • Client facing experience
      • Past experience with tax preparation
    • Client niches: SaaS, Technology, Services, Medical Practices
    • Tech Stack: QB/QBO, Xero, Dext, Hubdoc, A2X, Shopify, ADP, Gusto, Jobber, HouseCall Pro, Inventory Labs
    • Remote Work Experience: Y
    • Salary: $80k, flexible
    • Time Zone: Eastern
    • Sign up to learn about this Candidate 
     

    FT Accounting/Bookkeeping | Candidate ID #22054456

    • Education: BA Business Administration
    • Experience (years): 5+ years accounting experience
    • Work experience (detail): 4+ years full cycle accounting with a public firm
      • Monthly financial statements for 50+ clients
      • Payroll processing and tax filing for 200+ clients
      • Clean up and onboarding new clients
    • Client niches:  Retail, Construction, Real Estate, Services, Hospitality
    • Tech Stack: QB/QBO, Gusto, Bill.com, Paychex, Paylocity, ACS Thomson Reuters, M3, Prism
    • Remote Work Experience: Y
    • Salary: $70k
    • Time Zone: Eastern
    • Sign up to learn about this Candidate 
     


    TAX AND ACCOUNTING CANDIDATES 

    FTE Senior Tax and Accounting | Candidate ID #19754885

    • Education: BA Mathematics, MS Accounting and Finance
    • Experience (years): 5 years accounting experience  
    • Work experience (detail): 4+ years multi client accounting and tax
      • Currently supervising a small team
      • Full cycle accounting for multi entity clients
      • Month end close and financial reporting
    • Client niches: Construction, Services, Creatives, Real Estate
    • Tech Stack: QB/QBO, Xero, Bill.com, Hubdoc, Drake, AccountingPower
    • Remote Work Experience: Y
    • Salary: $85k
    • Time Zone: Eastern
    • Sign up to learn about this Candidate 
     

    FTE Senior Tax and Accounting | Candidate ID #22059280

    • Certifications:  CPA in process
    • Education: BS Business Administration, MA Accountancy
    • Experience (years): 5+ years public accounting experience
    • Work experience (detail):  3+ with same firm
      • Year end work papers and return preparation
      • Full cycle accounting services for multiple clients
      • Audit projects, compilations and reviews
    • Client niches: Real Estate, Construction, Medical Practices, Services, Retail, Transportation
    • Tech Stack: QB/QBO, Xero, Ajera, UltraTax, Fixed Assets, Axcess
    • Remote Work Experience: Y
    • Salary: $90k, flexible
    • Time Zone: Central
    • Sign up to learn about this Candidate 
     

    FTE Senior Tax and Accounting | Candidate ID #22011732

    • Certifications:  CPA
    • Education: BBA Accounting and Finance
    • Experience (years): 4+ years accounting and tax experience
    • Work experience (detail): 3+ in public accounting
      • Medical practice management for 25+ clients
      • Federal and indirect tax filing
      • Financial statements, GL, compilations
    • Client niches: Medical Practices, Manufacturing, Retail, Healthcare, Transportation, Agriculture, Services, Construction
    • Tech Stack: QB/QBO, Lacerte, Accounting & Fixed Asset CS, CaseWare, Engagement, Sage
    • Remote Work Experience: Y
    • Salary: $90k, flexible
    • Time Zone: Central
    • Sign up to learn about this Candidate 
     

    FTE Tax and Accounting Manager | Candidate ID # 22015893

    • Certifications: CPA
    • Education: BS BA Accounting, MBA Accounting
    • Experience (years): 8+ years accounting experience
    • Work experience (detail): 5 years in public accounting
      • Prep and review of complex returns 
      • Manages 5+ member tax team
      • Tax strategies, planning, research and projections
    • Client niches: HNWIs, Real Estate, Private Equity, Private Equity
    • Tech Stack: QuickBooks, GoSystems, UltraTax
    • Remote Work Experience: Y
    • Salary: $140k, flexible
    • Time Zone: Eastern
    • Sign up to learn about this Candidate 
     

    FTE Senior Tax and Accounting | Candidate ID #21750765

    • Certifications: CPA
    • Education: BSBA Accounting
    • Experience (years): 3 years accounting and tax
    • Work experience (detail): 1+ medical practice tax advisory
      • Complex individual and multi-entity tax returns
      • Partnerships, LLCs, S & C-Corps, HNWIs
      • Review of outsourced tax preparation
    • Client niches: Medical Practices, SMBs, Technology, Real Estate
    • Tech Stack: Axcess, SurePrep, TaxCaddy, Sage Depreciation, Alteryx, Oracle, SAP
    • Remote Work Experience: Y
    • Salary: $100k, flexible
    • Time Zone: Pacific
    • Sign up to learn about this Candidate 
     

    FTE Tax and Accounting | Candidate ID #10136671

    • Education: AA Accounting, BA in progress
    • Experience (years): 10+ years accounting experience 
    • Work experience (detail): 8+ years in public accounting
      • Experience with 40+ monthly accounting clients
      • Prepared 150+ individual tax returns
      • Month end, quarterly close, reconciliations
    • Client niches: Medical Practices, Healthcare, Construction, Professional Services, Hospitality
    • Tech Stack: QB/QBO, Xero, Gusto, Wave, ADP, Toast POS, Drake, UltraTax
    • Remote Work Experience: Y
    • Salary: $65k, flexible
    • Time Zone: Eastern
    • Sign up to learn about this Candidate 
     

    FTE Tax and Accounting | Candidate ID #21935543

    • Certifications: CPA candidate
    • Education: BS and MS Accounting
    • Experience (years): 5+ years of accounting experience 
    • Work experience (detail): 3+ years tax and accounting at a CPA firm
      • Prepared 300+ tax returns last season
      • 60% individual with 40% business returns
      • Full cycle accounting for 12+ monthly clients
    • Client niches: Hospitality, Construction, Services, Medical Practices, Nonprofits
    • Tech Stack: QB/QBO, CSA, Square, UltraTax
    • Remote Work Experience: Y
    • Salary: $80k, flexible
    • Time Zone: Eastern
    • Sign up to learn about this Candidate 
     

    FTE Senior / Manager Tax and Accounting | Candidate ID #5312003

    • Certifications: CPA, Xero Advisor, Bill.com Certified
    • Education: BS Accounting
    • Experience (years): 20+ years experience in accounting and tax
    • Work experience: 7 years public accounting
      • Reviewed 200+ returns during 2024 tax season
      • Strategic client tax and business advisory
      • Led a tax team of 10 associates
    • Client niches: Professional Services, Real Estate, Construction, Retail, Healthcare
    • Tech Stack: QB/QBO, Lacerte, Cerner, Xero, ProConnect Tax, Gusto, Bill.com Asana, ZenDesk 
    • Remote Work Experience: Y
    • Salary: $100k+
    • Time Zone: Central
    • Sign up to learn about this Candidate 
     


    TAX CANDIDATE

    FTE Tax Senior | Candidate ID #21452975

    • Certifications: CPA in process
    • Education: BSBA, MA Accountancy
    • Experience (years): 15+ years of overall experience
    • Work experience (detail): Currently tax staff with national public firm
      • 300+ returns prepared this tax season
      • Builds financials in QBD and QBO
      • Tax return review experience
    • Client niches: Real Estate, Healthcare, Medical Practices, Marketing and Media
    • Tech Stack: QB/QBO, AccountantsWorld, ProSystems, CCH Axcess Tax
    • Remote Work Experience: Y
    • Salary: $75k+
    • Time Zone: Pacific
    • Sign up to learn about this Candidate 
     


    AUDIT CANDIDATES

    FTE Audit and Tax | Candidate ID #20656110

    • Certifications: CPA in process
    • Education: BS and MS Accounting
    • Experience (years): 3 years accounting experience
    • Work experience (detail): 2 years in public accounting
      • Grant accounting for large nonprofits
      • Conducted audit reviews for municipalities
      • Tax preparation and review experience
    • Client niches: Transportation, Retail, HNWIs, Government, Nonprofits
    • Tech Stack: ProSystems fx, Engagement, Banner, Tableau
    • Remote Work Experience: Y
    • Salary: $80k
    • Time Zone: Eastern
    • Sign up to learn about this Candidate 
     

    FTE Audit | Candidate ID #20391102

    • Certifications: CPA eligible
    • Education: BS and MBA Accounting
    • Experience (years): 2+ years of audit experience
    • Work experience: Currently on audit staff with a regional firm
      • 10+ client portfolio for recurring audit projects
      • Prepares audited financial statements
      • Client presentations and advisory
    • Client niches: Healthcare, Nonprofits, Financial Services
    • Tech Stack: Caseware, Teams, Office, C++
    • Remote Work Experience: Y
    • Salary: $80k, flexible
    • Time Zone: Eastern
    • Sign up to learn about this Candidate 

Don’t miss the complete list of top remote accounting candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | August 1, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | July 25, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-july-25-2024/ Thu, 25 Jul 2024 12:02:00 +0000 https://www.goingconcern.com/?p=1000896728 Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your […]

The post Top Remote Accountants of the Week | July 25, 2024 appeared first on Going Concern.

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Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

TAX AND ACCOUNTING CANDIDATES

FTE Senior Tax and Accounting | Candidate ID #22044344

  • Certifications: CPA in process
  • Education: BS Accounting
  • Experience (years): 10+ years accounting experience
  • Work experience (detail): 10+ years in public accounting
    • Averages 200 returns prepared per tax season
    • Quarterly financials, draft SBA loan submittals
    • Tax planning and advisory
  • Client niches: HNWIs, SMBs, Trusts, Nonprofits, Real Estate, Medical Practices
  • Tech Stack: QB/QBO, Lacerte, ProSystems fx, Fixed Assets, Engagement, Document, ProSeries, PeopleSoft
  • Remote Work Experience: Y
  • Salary: $80k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

 

FTE Tax and Accounting | Candidate ID #21924320

  • Certifications: CPA
  • Education: BS, MBA, MS Accounting
  • Experience (years): 3+ years accounting experience
  • Work experience (detail): 3+ in public accounting
    • Filed Federal, state and local taxes
    • Prepared financial statements
    • General accounting and payroll for SMB clients, 
  • Client niches: Real Estate, Medical Practices, Agriculture, Hospitality, Financial Institutions, Insurance, Retail, Distribution, Construction, Government and Nonprofits
  • Tech Stack: QB/QBO, AccountantsWorld Payroll, ProSystems fx, Tax, Fixed Assets, CaseWare
  • Remote Work Experience: Y
  • Salary: $85k, flexible
  • Time Zone: Mountain
  • Sign up to learn about this Candidate 

 

FTE Senior / Manager Tax and Accounting | Candidate ID #11694530

  • Certifications: EA
  • Education: BA Accounting, BS Mathematics
  • Experience (years): 10+ years public accounting experience
  • Work experience (detail): Currently a Tax Senior 
    • Tax research and advisory with clients
    • Partnerships, S-Corps, Sole proprietorships
    • Complex returns with multiple entities
  • Client niche: SMBs, HNWIs, Medical Practices
  • Tech Stack: QB/QBO, UltraTax, Thomson Reuters Suite, Lacerte
  • Remote Work Experience: Y
  • Salary: $95k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

FTE Senior / Manager Tax and Accounting | Candidate ID #5312003

  • Certifications: CPA, Xero Advisor, Bill.com Certified
  • Education: BS Accounting
  • Experience (years): 25+ years experience in accounting and tax
  • Work experience: 7+ in public accounting
    • Reviewed 200+ returns during 2024 tax season
    • Strategic client tax and business advisory
    • Led a tax team of 10 associates
  • Client niches: Professional Services, Real Estate, Construction, Retail, Healthcare
  • Tech Stack: QB/QBO, Lacerte, Cerner, Xero, ProConnect Tax, Gusto, Bill.com Asana, ZenDesk 
  • Remote Work Experience: Y
  • Salary: $100k
  • Time Zone: Central
  • Sign up to learn about this Candidate 

 

ACCOUNTING CANDIDATE

FTE Senior Accountant | Candidate ID #21994097

  • Certifications: Intuit Certified Professional Bookkeeper
  • Education: BS Public Accounting
  • Experience (years):  10+ years accounting experience
  • Work experience (detail): 5+ with current firm
    • Provides full cycle accounting services for 12+ clients
    • Clean up of client history and accounting practices
    • Bilingual, English/Spanish
  • Client niches: Professional Services, Nonprofits 
  • Tech Stack: QB/QBO, Xero, Zoho, Waveapps, Expensify, ADP, Gusto
  • Remote Work Experience: Y
  • Salary: $80k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate 

 

FREELANCE / PROJECT TALENT

PT Freelance Tax and Accounting | Candidate ID #18295356

    • Certifications: CPA, CFP, CFA
    • Education: BS in Accountancy
    • Experience (years): 20 years accounting experience
      • 8+ in public accounting
      • 10+ in global investment operations
      • Fund accounting $100m – $3b
    • Client niche: SMBs, C-Corps, LLCs, Real Estate, Partnerships, Investment funds 
    • Tech Stack: UltraTax, Lacerte, Drake
    • Remote Work Experience:  Y
    • Salary: $50-$75/hr, depending on complexity
    • Time Zone: Central
    • Sign up to learn about this Candidate 
  •  

Don’t miss the complete list of top remote accounting candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | July 25, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | July 18, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-july-18-2024/ Thu, 18 Jul 2024 19:55:53 +0000 https://www.goingconcern.com/?p=1000896665 Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or […]

The post Top Remote Accountants of the Week | July 18, 2024 appeared first on Going Concern.

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Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

TAX CANDIDATES

FTE Tax Manager | Candidate ID #22002360

  • Certifications: CPA
  • Education: BS Accounting, MS Finance
  • Experience (years): 8+ years tax experience
  • Work experience (detail): 5+ in public accounting
    • 5+ with a Big 4 firm, preparation and review
    • ASC 740 implementation and advisory
    • Workflow process automation
    • Waterfall analysis, financial reporting
  • Client niches: FinTech, Insurance, Private Equity, S-Corps, Partnerships
  • Tech Stack: GoSystems, OneSource, QuickBooks, Axcess, ProSystems fx, SalesForce, Workday Tableau, UiPath software automation
  • Remote Work Experience: Y
  • Salary: $170k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax Manager | Candidate ID #21953219

  • Certifications: CPA
  • Education: BS Accounting, MS Taxation
  • Experience (years): 6+ years tax experience
  • Work experience (detail): 4+ accounting with a Big 4 firm
    • Preparation of C-Corp, S-Corp, Partnership returns
    • Filing of Federal, State and Local tax returns
    • Payroll tax filing for 10k+ client accounts
    • Leads a team of 6 remote associates
  • Client niches: DOD Contractors, BioTech, Pharma, Nonprofits, HNWIs, Healthcare
  • Tech Stack: NetSuite, CorpTax, UltraTax
  • Remote Work Experience: Y 
  • Salary: $130k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting Manager| Candidate ID #18469932

  • Certifications: CPA
  • Education: BS BA Accounting
  • Experience (years): 10+ years tax and accounting experience
  • Work experience (detail): 4+ in public accounting
    • 3+ years with a national public firm
    • Preparation and review of C, S-corp, partnerships, HNWIs
    • Full cycle accounting, A/P, A/R, payroll, indirect tax
    • Client advisory services, financials, KPI analysis
  • Client niches: Real Estate, Construction, Manufacturing, Agriculture
  • Tech Stack: QuickBooks, Sage, ProSystems fx
  • Remote Work Experience: Y
  • Salary: $120k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

FTE Accounting and Tax | Candidate ID #21994555

  • Certifications: CPA
  • Education: BBA Accounting, MS Accountancy
  • Experience (years): 10 years of accounting experience
  • Work experience (detail): currently a Staff Accountant with a CPA firm
    • 7+ years in banking and heavy industry
    • Full cycle accounting for SMB clients
    • Tax filing and advisory services
  • Client niches: Services, Education, Retail, Nonprofits
  • Tech Stack: QB/QBO, Shopify, Square
  • Remote Work Experience: Y
  • Salary: $80k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

AUDIT AND ACCOUNTING CANDIDATES

FTE Senior Accountant | Candidate ID #22003353

  • Certifications: CPA
  • Education: BS BA Accounting
  • Experience (years): 5 years accounting experience
  • Work experience (detail): 4+ in public accounting
    • 2+ years in Big 4 audit and advisory
    • Process schedules and inventory accounting
    • Internal audit, pre-audit project experience
  • Client niches: Construction, Manufacturing, Benefit Plans, Financial Services, Nonprofits
  • Tech Stack: ProSystems fx Suite, Engagement, Tax, Fixed Assets, QB, NetSuite, Axcess
  • Remote Work Experience: Y
  • Salary: $85k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

PART TIME  / FREELANCE / PROJECT TALENT

PT Senior Tax Accountant | Candidate ID #18191677

  • Certifications: EA, CPA in process
  • Education: BBA, Accounting
  • Experience (years): 6 years accounting experience 
  • Work experience (detail): Currently operating own tax practice
    • Team leadership and review experience
    • Averages 200+ per tax season, individual and SMB clients
    • 4 years of remote tax filing, supporting multiple projects
  • Client niches: Services, Manufacturing, Nonprofits
  • Tech Stack: QB/QBO, Gusto, Bill.com, Expensify
  • Remote Work Experience: Y
  • Salary: $60/hr, flexible depending on project
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

PT Senior Accountant | Candidate ID #21988438

  • Certifications: CPA in process
  • Education: BS Accounting
  • Experience (years): 7 years accounting experience
  • Work experience (detail): 2+ in public accounting
    • Worked with 15+ clients on AP/AR, payroll, month end close
    • Remote SMB client full cycle accounting
    • Nonprofit accounting experience
  • Client niches: Media, Services, Retail, Creatives, Nonprofits
  • Tech Stack: QB/QBO, NetSuite, Gusto, Dext, Bill.com, Concur, Shopify
  • Remote Work Experience: Y
  • Salary: $50/hr, flexible depending on project
  • Time Zone: Eastern
  • Sign up to learn about this Candidate
  •  

Don’t miss the complete list of top remote accounting candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | July 18, 2024 appeared first on Going Concern.

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Anti-PE Firms Talk About How to Compete When Everyone Else is Selling Out https://www.goingconcern.com/competing-against-pe-accounting-firms/ https://www.goingconcern.com/competing-against-pe-accounting-firms/#comments Thu, 11 Jul 2024 23:06:02 +0000 https://www.goingconcern.com/?p=1000896614 INSIDE Public Accounting ran a little pulse survey last month and asked 84 managing partners […]

The post Anti-PE Firms Talk About How to Compete When Everyone Else is Selling Out appeared first on Going Concern.

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INSIDE Public Accounting ran a little pulse survey last month and asked 84 managing partners at accounting firms with revenue of $15 million or more for their views on the private equity trend sweeping the profession. Despite huge deals making headlines recently — Grant Thornton selling a majority stake to New Mountain Capital, Baker Tilly’s $1 billion deal, and the Aprio private equity deal announced today) — most of the MPs surveyed are skeptical at best, pessimistic at worst. We expect at least some firms to warm up to the idea over time as they watch their competitors flash all that cash around.

See: Concerns Abound Over PE Impact, But Firm Leaders Believe They Can Compete

For this article, we were initially going to focus on the 19 percent of MPs who think PE is a good thing for the profession, the 35 percent who feel its impact will be negative, and the 40 percent who are, at this point, unsure. That’s interesting, right? But then you scroll down and see this:

Firm leaders without an interest in PE were asked their opinions on the best way to compete. Their responses:

  • 0% said raising compensation;
  • 3% said using outsourcing and technology to reduce the workload on entry-level staff;
  • 21% said promoting culture;
  • 67% said “all of the above,” and
  • 7% cited “other.” One “other” respondent commented, “I do not believe anyone truly knows at this point. Promoting culture and taking care of your employees will always be a key to success.”

Normally we would chortle loudly — LOUDLY — at these managing partners thinking culture will trump compensation when it comes to competing for talent in this rapidly changing landscape but in this case, they might actually be onto something. Plus 67 percent of them did say “all of the above” so it’s not like 0% of them identified raising compensation as an important factor in securing talent. It’s just that none of them identified raising compensation as the only factor.

I don’t know if you’ve been on Reddit lately but r/accounting has been on fire with discussions about private equity these past few months. The common sentiment in a lot of these posts is fear and uncertainty. Well, excluding the many discussions about boomers selling out and pulling up the ladder behind them. What’s going to happen in the long term? That’s the fun part, no one knows! It’s only been three years since EisnerAmper became the first Top 20 firm to cut a deal with outside capital.

Exhibit A:

Ah yes. I’m sure private equity will magically work out for public accounting when it has brought every other industry it touches to ruin. Good luck with that.
byu/Jumpy_Parsnip3954 inAccounting

You know who this might work out well for? The firms that remain independent. They can pitch stability to both clients and talent, assuming they are well-managed and not outsourcing 70% of the work to offshore randos.

In the Institute of Chartered Accountants in England and Wales (ICAEW) “Evolution of mid-tier accountancy firms” report released in May, the ICAEW explained how managing partners at mid-tier firms across the pond see an opportunity to market themselves as “100% PE-free” to clients who are looking for a more personal touch.

Said the ICAEW in that report:

Conversely, maintaining independence may support firms in upholding their unique identity, values and client approach, which some firms believe could be jeopardised under external ownership. More than one-fifth of respondents (21%) described the culture of their firm as ‘family-like’, and a further 17% as ‘traditional’, which may not be seen as a natural fit for PE investment. One respondent suggested that there were already “disgruntled clients” unhappy with accountancy firms taking on PE investment, and that remaining independent was an opportunity for their firm.

Again, we’ve got to hold back a hearty laugh at “family-like.” OK.

In the IPA survey, 85 percent of the MPs surveyed “frequently” (IPA’s word) have private equity firms sliding into their DMs; 66 percent of them have no interest in these advances. With the ICAEW report we see somewhat similar numbers from their mid-tiers:

When we wrote about that ICAEW report the first time we said “Brace yourselves for a bunch of corny ‘wE’rE a FaMiLy’ marketing from firms that are morally opposed to private equity investment” but maybe unironically this?

We’ll wrap this up with the negative quotes from the IPA survey because negativity feeds our rotten souls over here.

“I have not enjoyed the vulture-esque approach of many of the PE firms – total turnoff – and I’m afraid it is indicative of what they will do to the industry.”

“PE investment has been a financial windfall, and it will likely be on a PE firm’s exit, but at the expense of future firm culture and legacy. All about the money. Just waiting for the cuts in headcount that PE will implement.”

“PE in the profession will ultimately be a net negative, as PE focuses on short-term financial goals rather than long-term success. It will be a financial boon to retiring partners, but I expect that 15 years from now PE will regret their decision.”

Concerns Abound Over PE Impact, But Firm Leaders Believe They Can Compete [INSIDE Public Accounting]

The post Anti-PE Firms Talk About How to Compete When Everyone Else is Selling Out appeared first on Going Concern.

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Top Remote Accountants of the Week | July 11, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-july-11-2024/ Thu, 11 Jul 2024 20:20:40 +0000 https://www.goingconcern.com/?p=1000896617 Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or […]

The post Top Remote Accountants of the Week | July 11, 2024 appeared first on Going Concern.

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Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

TAX CANDIDATES

FTE Senior Tax Accountant | Candidate ID #21978847

  • Certifications: CPA
  • Education: BS Accounting, MS Accounting – Taxation
  • Experience (years): 3+ years accounting experience
  • Work experience (detail): 4 tax seasons in public accounting
    • Completed financial analysis for clients
    • Prepared 500+ returns during 2024 tax season
    • SMBs, Sole Proprietorships, Partnerships, S-Corps
  • Client niches: Professional Services, Hospitality, Real Estate
  • Tech Stack: QB/QBO, UltraTax, Axcess, Gusto
  • Remote Work Experience: Y
  • Salary: $105k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

FTE Tax Manager | Candidate ID #21949639

  • Certifications: CPA
  • Education: BS Accounting, MBA 
  • Experience (years): 10+ years in tax and accounting 
  • Work experience: 10+ years in public accounting
    • Tax Manager for 10 years
    • Manages a staff of 5 accountants
    • Prep and review of tax returns
    • Prior experience in bookkeeping, payroll, financial reporting and audit
  • Client niches: Construction, Real Estate, Manufacturing, Distribution, Auto Dealerships, Medical Practices
  • Tech Stack:  UltraTax, Lacerte, QuickBooks, CaseWare
  • Remote Work Experience: Y
  • Salary: $160k
  • Time Zone: Pacific
  • Sign up to learn about this Candidate

FTE Tax Manager | Candidate ID # 21955903

  • Education: BS Accounting
  • Experience (years): 22 years in tax and accounting
  • Work experience: 12 years in public accounting
    • 5+ years Tax Manager experience
    • Prepares and reviews returns
    • Team prepared 5,000+ returns this tax season
    • Managed a team of 10
  • Client niches: HNWIs, SMBs, S-Corps, C-Corps 
  • Tech Stack: Lacerte, UltraTax, QB, Peachtree
  • Remote Work Experience: Y
  • Salary: $140k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID #17074960

  • Certifications: EA in progress, CETC Registered, QB ProAdvisor
  • Education: BS Business Administration, MBA Accounting
  • Experience (years): 10+ years of tax and accounting
  • Work experience: 8 years in public accounting
    • Prep and review of tax returns
    • Worked on more complex returns
    • Managed a team of 7+
    • Tax planning, advisory, research and quarterly estimates 
  • Client niches: HNWIs, SMBs, Entertainment, Real Estate, Healthcare, Professional Services
  • Tech Stack: Lacerte, ProConnect Tax, ProSeries, Drake, QB/QBO, UltraTax, Yardi
  • Remote Work Experience: Y
  • Salary: $100k
  • Time Zone: Pacific
  • Sign up to learn about this Candidate

FTE Tax and Accounting | Candidate ID #21949619

  • Certifications: QB/QBO ProAdvisor
  • Education: BS Business Administration Accounting 
  • Experience (years): 15+ years overall experience
  • Work experience (detail): 10+ years in public accounting
    • 10+ years of tax preparation experience
    • Accounting Manager at a CPA firm
    • Supervised 8 employees with 250+ clients 
  • Client niches: Medical Practices, Manufacturing, Real Estate, Professional Services
  • Tech Stack: QB/ QBO, Xero, Sage, Zoho, UltraTax, Accounting CS, Practice CS, File Cabinet Stripe, ProSystem fx, Engagement
  • Remote Work Experience: Y
  • Salary: $75k, flexible
  • Time Zone: Eastern
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FTE Tax and Accounting | Candidate ID #16132188

  • Certifications: Enrolled Agent
  • Education: BA Accounting, MBA Accounting
  • Experience (years): 20 years experience in tax and accounting
  • Work experience: 6+ in public accounting
    • Prep and review of  300+ tax returns
    • Construction accounting with job costing and work in process 
    • Managed a staff of 6 associates
  • Client niches: Construction, Real Estate, Insurance, Health Care, Transportation, Education, Nonprofits, Creatives, Professional Services
  • Tech Stack: QB/QBO, ComputerEase, AccountantsWorld, Reynolds and Reynolds, ADP, Peach Tree, Drake, UltraTax, Lacerte, TaxAct and Thomson Reuters CS 
  • Remote Work Experience: Y
  • Salary: $115k
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

ACCOUNTING AND ADVISORY CANDIDATES

FTE Senior Accountant / Fractional Controller | Candidate ID #19590184

  • Certifications: CPA in process
  • Education: BBA Accounting
  • Experience (years): 8 total in public accounting
  • Work experience (detail): 7+ years at current firm
    • Manages the accounting services relationship for 14 clients
    • Hands on with client work and reviews team output 
    • Conducts tax planning, strategy and supports client transactions
  • Client niches: Hospitality, Restaurants, Franchisees
  • Tech Stack: QB/QBO, Sage Intacct, Bill.com, Expensify, Proliant
  • Remote Work Experience: Y
  • Salary: $100k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

FTE Senior Accountant / Manager | Candidate ID #21754575

  • Certifications: CPA
  • Education: BBA Accounting
  • Experience (years): 30 years accounting experience
  • Work experience (detail): 25 years in public accounting
    • Full cycle accounting for SMB clients
    • Fractional Controller/CFO advisory services
    • Led accounting and tax practice
  • Client niches: Transportation, Logistics, Professional Services, Medical Practices, Real Estate
  • Tech Stack: QB/QBO, ProSeries, Lacerte, TurboTax, Intuit, Smartlook
  • Remote Work Experience: Y
  • Salary: $95k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

ACCOUNTING CANDIDATES

FTE Accountant | Candidate ID # 21956987

  • Certifications: QBO ProAdvisor
  • Education: BA Business Administration, Accounting
  • Experience (years): 30 years of overall experience
  • Work experience (detail): 20+ years in public accounting
    • Currently a Staff Accountant with a top 10 firm
    • Prepares financial workflows and consolidated financial statements
    • Supports large national clients
  • Client niches: Medical Practices, Oil & Gas, Healthcare
  • Tech Stack: QB/QBO, Sage Intacct, Fathom, NetSuite, Floqast, Bill.com, SAP, Kronos
  • Remote Work Experience: Y
  • Salary: $70k, flexible
  • Time Zone: Mountain
  • Sign up to learn about this Candidate

FTE Accountant | Candidate ID #21950197

  • Education: BA 
  • Experience (years): 5+ years of overall experience
  • Work experience (detail): Staff Accountant with a large CPA firm
    • Manages 10 full cycle accounting clients
    • AP/AR, month end close, financial statements
    • Reviews the work of other Staff Accountants
  • Client niches: Real Estate, Professional Services, Financial Services
  • Tech Stack: QB/QBO, Bill.com, Gusto, Paylocity, AvidXchange
  • Remote Work Experience: Y
  • Salary: $80k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

PART-TIME  / FREELANCE / PROJECT TALENT

PT Accountant | Candidate ID #21979484

  • Certifications: QBO ProAdvisor, Bill.com
  • Education: BS Business Administration
  • Experience (years): 8 years of overall experience
  • Work experience (detail): Controller at an accounting firm
    • 5+ years public accounting experience
    • Experience reviewing the work of others
    • Bank accounting experience
  • Client niches: Retail, ecommerce, Restaurants, Banking 
  • Tech Stack: QB/QBO, Xero, Bill.com, Gusto, ADP, Shopify, Amazon, Hubspot, Drake
  • Remote Work Experience: Y
  • Salary: $70k for FTE, $25/hr PT
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

PT Accounting and Tax Senior / Manager | Candidate ID #20305114

    • Certifications:  CPA, Banking and Lending Certifications
    • Education: BS Accounting, MS Accountantcy
    • Experience (years): 20+ years accounting and banking experience
    • Work experience (detail): 8+ years in public accounting
      • Operating a full service accounting and tax firm
      • Tax planning, advisory and filing for SMBs
    • Client niches: Retail, Construction, Agriculture, Manufacturing, Banking
    • Tech Stack: QB/QBO, Drake, UltraTax
    • Remote Work Experience: Y
    • Salary: $130k for FTE, $100/hr PT, flexible depending on project
    • Time Zone: Central
    • Sign up to learn about this Candidate

Don’t miss out on the full list of top remote accounting candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | July 11, 2024 appeared first on Going Concern.

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Professionals of All Stripes Are Uncharacteristically Optimistic About This Whole AI Thing https://www.goingconcern.com/professionals-of-all-stripes-are-uncharacteristically-optimistic-about-this-whole-ai-thing/ https://www.goingconcern.com/professionals-of-all-stripes-are-uncharacteristically-optimistic-about-this-whole-ai-thing/#comments Wed, 10 Jul 2024 21:47:28 +0000 https://www.goingconcern.com/?p=1000896605 In a surprising development, it seems professionals are feeling great about how AI can impact […]

The post Professionals of All Stripes Are Uncharacteristically Optimistic About This Whole AI Thing appeared first on Going Concern.

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In a surprising development, it seems professionals are feeling great about how AI can impact their work in the near and slightly less near future. That’s according to the Future of Professionals Report 2024 just released by Thomson Reuters which you can view in its entirety here. 620 of the survey’s more than 2200 respondents are in tax, accounting, and global trade while 115 are in risk and compliance-type jobs, the rest are in legal (1253) or C-suite execs (217). Of the tax people, 438 are at firms and of those, 19 percent are at a 1-3 person firm, 46 percent 4 to 29 people, and the remaining 34 percent work at a firm with 30 or more. The full methodology is on the last page of the report if you want more detailed information than that.

There are two items from the report we’d like to call your attention to, though surely there are many more figures that are interesting in their own right but the Going Concern audience has the attention span of a gnat so we have to make this quick. First we should point out that the report isn’t even supposed to be only about AI, it’s just that AI is disruptive as hell and it’s the main thing people are thinking about when reflecting on what the next five years could look like. This is the Future of Professionals Report after all.

Despite Many Unknowns, Professionals Feel Positive About AI’s Impact

This bit stood out to us mainly because Thomson Reuters felt compelled to remind anyone reading this report that the people they surveyed tend to be real cagey about taking risks.

78% of respondents said they believe AI is a force for good in their profession, an indication that the overall market sentiment is positive, perhaps surprisingly so considering the professionals we surveyed are in professions known for risk aversion.

This number is even higher in the tax firm and tax, accounting, and trade groups if you can believe that. 84 percent of the people in tax, accounting, and trade and 82 percent of the tax firm group believe AI is a force for good in their profession. This kind of optimism in this sector is peculiar to say the least.

What this says to us is that many of these professionals are already, and have already been, using AI to take some of the burden off their plates and are seeing direct positive effects. The report’s numbers don’t really reflect that assumption, however, as 37 percent of respondents have never used AI as a jumping off point for work tasks.

It appears a decent amount of them don’t know where to start. This is where the group using this technology regularly could step in and give their colleagues some suggestions. Unless their colleagues are stubborn boomers and boomer-adjacent Gen Xers who yell at clouds (continue reading for a figure that smashes that stereotype and defies your expectations about how boomers view AI).

What About the Long Term?

This chart is a little confusing because we’re idiots, maybe you can make sense of it in a shorter amount of time than it took us. It seems many of the professionals with an ambitious outlook think that in five years’ time, AI will be capable of working completely independently without needing a human to review its work. What exactly this work is will vary given the demographics of the respondent and what sort of work they do, obviously.

And predictably, the cautious group doesn’t have as much faith in the pace of AI transformation between now and 2029 as the ambitious group.

Here’s something you probably didn’t expect: 25% of baby boomers are in the Ambitious category while just 10% are in Cautious. For Gen Z, 15% landed in Ambitious and 15% Cautious. Boomers somehow are the most ambitious of the five generations in the survey. This report is just full of surprises, isn’t it.

Lastly — yeah, we said it was two items of note but actually there’s a sort of third — is the issue of time savings:

Professionals predict that AI could save them four hours a week in the next year and up to 12 hours per week within the next five years.

The report doesn’t stop at straight predictions though. Thomson Reuters did actual math using actual data gleaned from participating firms:

Assuming a professional works 48 to 50 weeks per year, this could result in up to 200 hours saved annually and is equivalent to adding an extra colleague for every 10 team members, as the four hours saved per week per professional represents approximately 10% of a full-time workload. For US lawyers, that time savings could translate to nearly $100,000 in extra billable time annually. This is calculated with Thomson Reuters data gathered directly from participating firms’ financial management systems, which is then anonymized and aggregated. Ultimately, the way lawyers choose to reinvest their time savings will depend on their individual priorities and goals, which may include increasing billable time, pursuing new business opportunities, or other strategic initiatives.

How all this freed up time will actually be used remains to be seen. Would we be naive to hope for standard 4-day workweeks by the time we cruise into the 2030s?

Yeah, probably.

The post Professionals of All Stripes Are Uncharacteristically Optimistic About This Whole AI Thing appeared first on Going Concern.

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Top Remote Accountants of the Week | June 27, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-june-27-2024/ Fri, 28 Jun 2024 01:43:00 +0000 https://www.goingconcern.com/?p=1000896422 Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or […]

The post Top Remote Accountants of the Week | June 27, 2024 appeared first on Going Concern.

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Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

 

TAX AND ACCOUNTING CANDIDATES

FTE Tax and Accounting | Candidate ID #19249390

  • Certifications: CPA in process
  • Education: BS Business Administration, Accounting
  • Experience (years): 7+ years accounting and tax experience
  • Work experience (detail): 4+ in public accounting
    • 3 years tech startup experience
    • 3+ in family office accounting and advisory
    • 2 tax seasons in national CPA firms
  • Client niches: HNWIs, Real Estate, Private Equity, Trusts, Estates
  • Tech Stack: Axcess, WorkFlow, CaseWare, QB / QBO, NetSuite, SurePrep, Zoho, Expensify
  • Remote Work Experience: Y
  • Salary: $85k, flexible for the right opportunity
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax and Accounting | Candidate ID #20721222

  • Certifications: CPA in process, QBO ProAdvisor
  • Education: BA Accounting, MS Accounting
  • Experience (years):  20+ years accounting experience 
  • Work experience (detail): Currently with a national tax provider
    • Business and personal tax return preparation experience
    • Leads offshore bookkeeping team
    • Prepared 240+ returns last tax season
  • Client niches: SMBs, Construction, Real Estate, Hospitality, Medical Practices, Nonprofits
  • Tech Stack: QB/QBO, Peachtree, Sage, Bill.com, Gusto, Expensify, Axcess, TaxSlayer
  • Remote Work Experience: Y
  • Salary: $70k 
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax Senior / Manager | Candidate ID #16382441

  • Certifications: CPA 
  • Education: BS Accounting
  • Experience (years): 30 years accounting and tax
  • Work experience (detail): 20+ years public accounting
    • 10 years tax software development and testing
    • Preparation and review experience
    • Led firm’s tax practice and team of 7+ associates
  • Client niches: Real Estate multi-level partnerships, Technology, SMBs
  • Tech Stack: Drake, UltraTax, Lacerte, ProSeries, ProSystems fx, QB/QBO
  • Remote Work Experience: Y
  • Salary: $130k, flexible for the right opportunity
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Senior Tax and Accounting | Candidate ID #18052620

  • Certifications: PTIN, EFIN, EA in process
  • Education: BS Accounting
  • Experience (years):  25+ years in tax and accounting  
  • Work experience: 9 years in public accounting
    • Prior experience at Controller level
    • Work with more complex returns
    • Estimates, projections, tax research and tax planning
    • Supervision of staff
  • Client niches: Medical Practices, Real Estate, Retail, Nonprofit, Services, Hospitality
  • Tech Stack: QB/QBO, Intuit, Lacerte, Thomson Reuters, CCH, Xero, Peachtree, Timberline
  • Remote Work Experience: Y
  • Salary: $90K plus bonus
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

FTE Tax and Accounting | Candidate ID #21934700

  • Certifications: CPA in process
  • Education: BA Accounting, MA in process
  • Experience (years):  2 years of tax and accounting experience
  • Work experience (detail): Now with an outsourced accounting firm
    • Federal, personal property, payroll and sales tax experience
    • Full cycle accounting with multiple clients
    • Partnership, S-Corp, C-Corp, Nonprofit return preparation
  • Client niches: Logistics, Insurance, Marketing, Services, SMBs 
  • Tech Stack: QB/QBO, ProSystems
  • Remote Work Experience: Y
  • Salary: $75k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

TAX AND AUDIT CANDIDATES

FTE Accountant, Audit and Tax | Candidate ID #20656110

  • Certifications: CPA in process
  • Education: BS Accounting, MS Accounting
  • Experience (years): 3 years accounting experience
  • Work experience (detail): 2 years in public accounting
    • Grant accounting for a large nonprofit
    • Conducted audit reviews for municipalities
    • Tax preparation and review experience
  • Client niches: Transportation, Retail, HNWIs, Nonprofits
  • Tech Stack: ProSystems fx, Engagement, Banner, Tableau
  • Remote Work Experience: Y
  • Salary: $80k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax, Accounting and Audit | Candidate ID #21923870

  • Certifications: CPA in process
  • Education: BA Accountancy, MBA Accounting
  • Experience (years): 3+ years client services and public accounting
  • Work experience (detail): Currently a Senior with a national firm
    • Tax preparation for small business clients
    • Audit project experience
    • Multi client full cycle accounting
  • Client niches: SMBs, Municipalities, Nonprofits, HNWIs
  • Tech Stack: QB/QBO, Sage, Lacerte, Trial Balance, ProSystems, Engagement, Drake, Accounting CS, UltraTax and Checkpoint
  • Remote Work Experience: Y
  • Salary: $80k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

ACCOUNTING CANDIDATE

FTE Accounting | Candidate ID #21919761

  • Certifications: QBO ProAdvisor, Bill.com Certified
  • Education: BA Economics in process
  • Experience (years): 18+ years of accounting experience
  • Work experience (detail): Currently with an outsourced accounting firm
    • Prepares year end tax packages for the preparer
    • Provides full cycle accounting for multiple clients
    • Experience with tech startups, venture capital investment
  • Client niches: SMBs, SaaS, Fintech, Tech, Retail, ecommerce, Services
  • Tech Stack: QBO, Xero, NetSuite, Expensify, Divvy, Bricks, Power BI
  • Remote Work Experience: Y
  • Salary: $90k, flexible
  • Time Zone: Eastern
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FREELANCE / PROJECT TALENT

PT Freelance Tax and Accounting | Candidate ID #18295356

  • Certifications: CPA, CFP, CFA
  • Education: BS in Accountancy
  • Experience (years): 20 years accounting experience
    • 8+ in public accounting
    • 10+ in global investment operations
    • Fund accounting $100m – $3b
  • Client niche: SMBs, C-Corp, LLCs, Real Estate, Partnerships, Investment funds
  • Tech Stack: UltraTax, Lacerte, Drake
  • Remote Work Experience:  Y
  • Goal: Tax and accounting projects
  • Salary: $50-$75/hr, depending on complexity
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

Don’t miss out on the full list of top candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | June 27, 2024 appeared first on Going Concern.

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Let’s Talk About This Year’s Strategic Priorities at Tax Firms https://www.goingconcern.com/lets-talk-about-this-years-strategic-priorities-at-tax-firms/ Thu, 27 Jun 2024 16:30:45 +0000 https://www.goingconcern.com/?p=1000896404 Although it’s been out for more than a month, we haven’t had a chance to […]

The post Let’s Talk About This Year’s Strategic Priorities at Tax Firms appeared first on Going Concern.

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Although it’s been out for more than a month, we haven’t had a chance to take a deep dive into Thomson Reuters’ 2024 State of Tax Professionals Report. We really should, and will, because A) it’s a great report and B) the profession is in such a state of change at the moment that what’s important now might be chopped liver come next year. This report is an excellent way to benchmark the various issues impacting tax firms and demonstrates how much things can change year-to-year in this current period of flux.

To tide you over until we can do that deep dive, the good folks at TR just published an article on tax firms’ top strategic priorities. Talent continues to influence the obsessive thoughts that bubble over in firm leadership’s brains when they’re trying to fall asleep every night however growth, pricing, and efficiency are of significant importance, too. Depending on what size firm you ask.

Here’s a handy chart:

Source: Thomson Reuters’ 2024 State of Tax Professionals Report

Says the full report:

  • Small firms (1-3 people) tended to lean in the direction of maintaining the status quo, preferring a more balanced approach to prioritization.
  • Midsize firms (4-29 people) were much more likely to pursue talent development as a priority and drive efficiencies through streamlined workflows and aggressive use of automation.
  • Large firms (30-plus people) had the resources to pursue multiple priorities at once, including talent development and growth through efficiencies found using more sophisticated technology and automation. Large firms were also more likely to explore different pricing strategies for the broad range of business services they offer.

On the topic of pricing, Thomson Reuters says this is the first time ever it has appeared in the top priorities list. Ron Baker and the rest of the Death to the Billable Hour gang will love this part:

…largely because the wisdom of hourly billing is being questioned by both clients and their firms. Many clients don’t like hourly billing because it is unpredictable; hence the rise in flat-fee and project-based pricing, among other alternatives types of pricing. Firms, too, have come to realize that hourly billing doesn’t necessarily capture the true value of their services, particularly in the areas of business consultation, tax strategy, and decision support.

This makes a lot of sense when you think about how popular advisory services are these days. Don’t expect this change to happen as rapidly as automation, they’ve been debating this for like 15 years and the old-timers are really having trouble letting go. Here’s Ron Baker’s value pricing pitch from almost ten years ago:

A big problem with hourly billing is it’s an internally focused metric. It looks at our costs and our inputs. It doesn’t look at our outputs and outcomes. There’s nothing in the hourly billing formula that looks at client value.

The other problem with it is it limits an accounting firm’s income. As more and more firms are moving to the cloud, a lot of labor that CPAs used to do is now being automated. If you’ve got a business model that says, “I sell time,” and the time it takes you to do more work is being driven down because of all these technological changes, unless your hourly rates are increasing faster than productivity, your income is going to suffer, and your profitability is going to suffer. And our hourly rates have not been increasing faster than our productivity. So it’s a very limiting business model.

But back to the report. Comparing 2023 to 2024, we see efficiency still dominates the list, talent is once again a headache (note: retention is now the word of the day when we talk talent which should not be confused with the pipeline problems that get all the headlines), and growth has slipped a bit.

“Growth may have slipped down the priority list; but then again, lack of growth hasn’t been a problem for most firms either,” says the report. “Indeed, a majority of firms reported an average revenue increase of 24% over the past 12 months. So whatever firms are doing, it’s still working.” Mid-size firms interpret growth as expanding their client base while the larger firms see implementation of automation as the best way to grow. In other words, “growth” means different things to different-sized firms.

We’ll do a deeper dive into the report later, hopefully this has whet your appetite.

Survey Methodology:
Surveys for the 2024 State of Tax Professionals Report were conducted in the first quarter of 2024.* The survey involved 500 respondents from tax & accounting firms of all sizes, although a bit more than half (51%) of respondents were from midsize firms (4-29 people), and 38% were from small firms (1-3 people). By region, slightly more than half (51%) of respondents were from firms in the United States; the rest were from firms in the United Kingdom, Canada, Australia, Brazil, and Argentina. Also, 60% of the respondents were male, and the age range of all respondents was represented relatively equally by decade, from under 40 years old to over 60 years old. The vast majority (85%) of respondents reported having leadership roles in their organization, and almost half (48%) were either partners or principals.

The post Let’s Talk About This Year’s Strategic Priorities at Tax Firms appeared first on Going Concern.

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Top Remote Accountants of the Week | June 21, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-june-21-2024/ Fri, 21 Jun 2024 20:08:23 +0000 https://www.goingconcern.com/?p=1000896262 Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or […]

The post Top Remote Accountants of the Week | June 21, 2024 appeared first on Going Concern.

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Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

 

TAX CANDIDATES

FTE Tax Manager | Candidate ID #21914340

  • Certifications: CPA
  • Education: BS Accounting
  • Experience (years): 10 years accounting and tax experience
  • Work experience: 9+ years in public accounting
    • 4+ years as Tax Manager
    • Led a team of 7
    • Preparation and review of tax returns
    • Tax planning and advisory services
  • Client niches: SMBs, Healthcare, Services
  • Tech Stack: QBDT / QBO, Xero, Lacerte, UltraTax, Axcess, ProSystem fx, Engagement, SageFAS Fixed Assets
  • Remote Work Experience: Y
  • Goal:  Professional growth, work life balance, new challenges
  • Salary: $115k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Senior Tax Accountant | Candidate ID #21744166

  • Certifications: CPA in process
  • Education: BS Accounting
  • Experience (years): 7 years accounting and tax experience 
  • Work experience: 6 years in public accounting
    • Preparation and review of tax returns
    • Exposure to more complex returns and international tax
    • Oversees up to 9 staff on special projects
  • Client niches: Real Estate, Construction, Manufacturing, Insurance, Healthcare
  • Tech Stack: CCH Axcess, Engagement, GoSystems, Drake, UltraTax
  • Remote Work Experience: Y
  • Goal: New career opportunity with professional growth
  • Salary: $80k+
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Senior Tax Accountant | Candidate ID #17074859

  • Certifications: EA
  • Education: BBA Accounting, MBA
  • Experience (years): 6 years accounting experience
  • Work experience: 6+ years in public accounting
    • Led teams of 7 associates
    • Federal and State filing
    • CCH implementation
  • Client niche: S-Corps, HNWIs, Partnerships, SMBs 
  • Tech Stack: Axcess, Workstream, Engagement, Sureprep, GoSystem
  • Remote Work Experience:  Y
  • Goal:  Career growth, promotional opportunities
  • Salary: $120k 
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

TAX & ACCOUNTING CANDIDATES

FTE Tax and Accounting Manager | Candidate ID #21920533

  • Certifications: CPA
  • Education: BS Accounting, MBA in process
  • Experience (years): 17 years accounting experience
  • Work experience: 7+ years in public accounting
    • 4+ years Big 4 Audit Lead
    • 9 years industry financial reporting
    • 2+ years managing own practice
  • Client niches: Real Estate, Startups, Retail, Services 
  • Tech Stack: QBDT / QBO, ProConnect, Lacerte, AnyDesk
  • Remote Work Experience: Y
  • Goal: A tax and accounting management role
  • Salary: $125k+
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax and Accounting Manager | Candidate ID # 21924689

  • Certifications: EA, CFE
  • Education: BBA Accounting
  • Experience (years): 27 years of accounting and tax
  • Work experience: 15 years in one public accounting firm
    • Prep and review of business and individual tax returns
    • Provides all client accounting and reporting services 
    • Tax planning and strategies
    • Managed staff of 10 associates
  • Client niches: Medical Practices,Hospitality, Agriculture, Real Estate, Creatives    
  • Tech Stack: TaxAct, Intuit ProSeries, Lacerte, QuickBooks, ADP, Paychex, Drake, Quicken
  • Remote Work Experience: Y
  • Goal: A full cycle accounting and tax management role 
  • Salary: $115k
  • Time Zone: Pacific
  • Sign up to learn about this Candidate

 

FTE Tax and Accounting Senior | Candidate ID #20385321

  • Certifications: QBO ProAdvisor, CPA in process
  • Education: BBA Accounting
  • Experience (years): 6+ years of tax and accounting experience 
  • Work experience: 4+ years with a CPA firm
    • 400+ returns prepared in 2023, 60% business and 40% individual returns
    • Full service accounting experience
    • Client-facing experience
  • Client niches: Local government, Construction, Manufacturing, Services
  • Tech Stack: QBDT / QBO, CCH, Xero, Bill.com, Expensify, Shopify
  • Remote Work Experience: Y
  • Goal: Seeking a remote tax and accounting opportunity with professional growth
  • Salary: $85k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FREELANCE / PROJECT TALENT

PT Freelance Tax and Accounting | Candidate ID# F20590940

  • Certifications: Enrolled Agent
  • Education: BS Accounting
  • Experience (years): 15+ years accounting experience
  • Work Experience:  15+ in public accounting
    • Own practice for 7+ years
    • Outsourced full cycle accounting and financial reporting
    • 14+ years Federal, State and Local tax preparation
  • Client Niches: SMBs, Retail, Services
  • Tech Stack: QuickBooks 
  • Remote Work Experience: Y
  • Goal: Contract tax engagements, project or hourly based
  • Comp Rate:  $80/hr
  • Time Zone: Eastern
  • Sign up to learn about this Candidate
  •  

Don’t miss out on the full list of top candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | June 21, 2024 appeared first on Going Concern.

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Why’s There a Talent Shortage and How Firms Can Do Their Part to Fix It https://www.goingconcern.com/whys-there-a-talent-shortage-and-how-firms-can-do-their-part-to-fix-it/ Wed, 19 Jun 2024 21:19:57 +0000 https://www.goingconcern.com/?p=1000896095 Buckle up because we’re about to dive headfirst into the fiery pit of despair known […]

The post Why’s There a Talent Shortage and How Firms Can Do Their Part to Fix It appeared first on Going Concern.

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Buckle up because we’re about to dive headfirst into the fiery pit of despair known as the accounting talent crunch. And who better to guide us through this treacherous terrain than Jeff Phillips, CEO of Padgett and Co-Founder of Accountingfly. Jeff recently spilled the beans (not an accounting joke) on how to survive – and yes, thrive – in the cutthroat world of talent acquisition in this must-hear episode of Accounting Talent Podcast with Rob Brown: Reasons for the Acute Talent Shortage in Accounting.

If you prefer, you can watch the episode on YouTube.

If we can understand the why of the shortage, we can take steps to fix it. In this article, we’ll talk about that why but also how. How accounting firm leadership can do their part, that is.

The Value Proposition: It’s a Bit Meh, Isn’t It?

Those already inside the accounting profession know the value their work provides to clients and capital markets but to students looking in from the outside, the message they’re getting blasted at them on social media like a firehose is that spending your career tied to a desk at an accounting firm is as fun as a trip to the dentist. Except unlike the dentist chair, sometimes you’re there for 60 hours a week.

While a career in accounting opens all kinds of doors, tends to be stable even in economic downturns, and isn’t such a bad way to spend your life, the value proposition leaves a lot to be desired for those who don’t even know what being an accountant is like. As Jeff so eloquently puts it, “Our value proposition needs a facelift.” Translation? We need to shake up the damn “we’ve always done it this way” snowglobe if we want to attract top talent.

  • Fix it: So, how do you give your value proposition a much-needed makeover? Pay more (you’re probably not at market rates for talent), make work more flexible and meaningful, and stop caring where your next hire lives–embrace remote talent!

Then make sure you’re offering ample perks. Ask yourself — and be honest with yourself because we’re being real here — if you’re bringing enough to the table. Better yet, ask your last four employees the honest reason why they left and start there. That should give you insight into where you might be coming up short.

The Battle Royale for Talent: Let the Games Begin

It’s not just other accounting firms we’re competing against – it’s a veritable Hunger Games of talent acquisition. We’re talking consulting firms, tech giants, the whole shebang. And they’re pulling out all the stops to woo potential hires. If you want to have a chance against these attractive employers, you have got to bring your A-game. You don’t just need better perks than the firm down the street, you need the best perks on the entire block.

  • Fix it: To win the talent war, think outside the box and offer perks that your competitors and other companies can’t match. If you’re not paying at or above market, you can’t get in the game. If you are, keep reading–Think: paid sabbaticals, flexible work arrangements, profit-sharing, and bonuses or raises based on results not years in a seat.

Show ’em why you are a great leader, communicator, and how your role is first to make sure THEY have what they need to be successful. By creating a workplace that’s as fun as it is rewarding, you’ll have candidates lining up at your door (or inbox).

Let’s Crunch Some Numbers… and Dreams

Now, let’s crunch some numbers and see what the data has to say. According to Jeff, we’re facing a pretty hefty gap between the number of jobs available and the number of warm bodies to fill them. It doesn’t take an accountant to understand the job market doesn’t balance so really, we don’t need to crunch numbers at all.

  • Fix It: Jeff’s biggest piece of advice: focus on what we can control. Whether it’s offering flexible work arrangements, investing in employee training and development, or revamping your hiring processes, there are plenty of steps you can take to turn the tide in our favor. Which one to start with you ask? “Stop asking me and ask your team,” said Jeff, sarcastically. “They will tell you.”

Looking Ahead: What’s on the Menu for Future Episodes?

Get ready for a smörgåsbord of topics in the next few episodes of the Accounting Talent Podcast. From domestic remote work policies to top-grading initiatives for rising leaders and beyond, consider it another great stop for all things talent management in the accounting world. Stay tuned as Jeff and Rob discuss real-life case studies from organizations that have cracked the code on talent acquisition. By learning from their triumphs (and maybe a few missteps), we can all learn to chart our own course. And if you have a talent question for Jeff you’d like to see answered on a future episode, feel free to reach out.

Let’s Get this Party Started

It’s time to roll up our sleeves and dig our way out of the talent problem. The road ahead will definitely be bumpy, but with a healthy dose of getting out of your own way and a sprinkle of humor, we can conquer it.

Working with Accountingfly

If you’re interested in a regular flow of pre-screened candidates with no hassle and no upfront cost, you can get more information and register for Always-On Recruiting on our website

We also offer dedicated searches and freelance/contractor placements and are generally a lot of fun to work with. Click here to schedule a call or get more information.

The post Why’s There a Talent Shortage and How Firms Can Do Their Part to Fix It appeared first on Going Concern.

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Deloitte Survey: Management Thinks Everyone Is Doing Way Better Than They Actually Are https://www.goingconcern.com/deloitte-survey-management-thinks-everyone-is-doing-way-better-than-they-actually-are/ Tue, 18 Jun 2024 23:04:52 +0000 https://www.goingconcern.com/?p=1000896233 Deloitte has released their third Well-being at Work Survey and guess what? The workers aren’t […]

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Deloitte has released their third Well-being at Work Survey and guess what? The workers aren’t so well. Here’s a fun figure from the survey of 3,150 C-suite executives, managers, and workers across four countries for you:

Only 43% of workers say their organizations have left them better off than when they started.

Well-being isn’t doing so well either. Not for workers and not for their managers and leaders:

For the third year in a row, some people reported that they’re still struggling with their well-being. Just 56% of workers feel their overall well-being is “excellent” or “good.” In fact, workforce well-being remains relatively unchanged since we first began surveying workers in 2022, suggesting that most organizations may not have figured out a way to move the needle on this yet.

Leaders aren’t immune to well-being challenges either. At least four out of 10 workers, managers, and executives say they “always” or “often” feel exhausted or stressed. The situation is so bad that 59% of workers, 66% of managers, and 71% of the C-suite say they’d seriously consider taking a job with another company that would support their well-being.

The theme of the survey is “human sustainability” but what even does that mean? It’s a fancy phrase for not treating people like shit. Explains Deloitte:

Leaders may wonder whether a focus on human sustainability is what’s best for their business. Facing growing stakeholder pressures, dwindling worker health, and other workforce-related risks, our survey found that shifting from a mindset that centers on extracting value from people toward an approach that focuses on helping humans thrive is a leading course of action.

The irony of Deloitte writing this is not lost on us. Clearly it is on them.

Here’s another fun section. Deloitte has mapped out the difference between leadership and worker views on a few factors like workloads, bringing your whole self to work, fairness, flexibility, and autonomy. Although 71 percent of the C-suite is ready to GTFO to a more well-being conscious company because they’re so stressed, for some reason almost 90 percent of them think their workers’ workloads are always or often reasonable.

They also think they’re doing great on the human sustainability front (they aren’t).

Here we see a figure that shows more disparity between the perceptions of the C-suite and the actual experience of workers. Note the 22 percent of workers who rank their financial well-being as poor or very poor (literally).

Said Deloitte, again with a complete lack of awareness:

For executives, these disconnects should signal that it’s time for a change. It’s important for leaders to develop a more accurate picture of how workers are really doing if they want to move human sustainability efforts forward. Leaders should involve workers to help identify their needs and values, how they perceive their current experience at work, and how human outcomes can be pursued together. Furthermore, they should engage not only their own team members, but also future workers, community members, and other members of the organization’s human ecosystem.

Worker surveys, forums, interviews, or focus groups, are all good options for helping leaders understand the big picture around how their workers are faring. Otherwise, absent any impetus for change, organizations may elect not to take any action around advancing human sustainability.

Ah yes, those notoriously accurate worker surveys in which people are eager to share their true views and not at all afraid of retaliation.

Read more: The important role of leaders in advancing human sustainability [Deloitte]

Related surveys:

The post Deloitte Survey: Management Thinks Everyone Is Doing Way Better Than They Actually Are appeared first on Going Concern.

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Top Remote Accountants of the Week | June 13, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-june-13-2024/ Thu, 13 Jun 2024 12:08:00 +0000 https://www.goingconcern.com/?p=1000896195 Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or […]

The post Top Remote Accountants of the Week | June 13, 2024 appeared first on Going Concern.

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Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

 

TAX CANDIDATES

FTE Senior Tax Accountant / Manager | Candidate ID #21844350

  • Certifications: CPA
  • Education: BSBA Accounting, MS Accounting
  • Experience (years): 6+ years in tax and accounting
  • Work experience: 6+ with the same CPA firm
    • Prep and review of tax returns
    • Leads a team of 5+ Accountants
    • Manages client engagements
  • Client niches: Real estate, Construction, Health Care, Manufacturing, Services
  • Tech Stack: Creative Solutions, UltraTax, Practice, Planner CS, Fixed Assets, QuickBooks
  • Remote Work Experience: Y
  • Salary: $120k, flexible
  • Time Zone: Mountain
  • Sign up to learn about this Candidate

FTE Senior Tax Accountant | Candidate ID #21846669

  • Certifications: CPA
  • Education: BS, MA
  • Experience (years): 21 years in accounting and tax
  • Work experience: 15 years in public accounting, 10 in own practice
    • Prep and review of tax returns
    • Tax planning and advisory services
    • Staff management
  • Client niches: Real Estate, Construction, Retail, Wholesale, Services, Nonprofits, Sports
  • Tech Stack: QuickBooks, CCH ProSystems fx, Lacerte, UltraTax, CCH Axcess
  • Remote Work Experience: Y
  • Salary: $100K
  • Time Zone: Pacific
  • Sign up to learn about this Candidate

FTE Tax Manager | Candidate ID #16321161

  • Certifications: Enrolled Agent
  • Education: BS Business, Accounting, MBA
  • Experience (years): 25+ years accounting and tax experience
  • Work experience (detail):  20+ years in public accounting
    • Led tax practice for the firm
    • Several years review experience
    • Compliance studies for multinational clients
    • Client revenues range from $500k-$50m
  • Client niches: SMBs, HNWIs, Manufacturing, Real Estate, Services
  • Tech Stack: UltraTax, ProSeries, QuickBooks, QBO
  • Remote Work Experience: Y
  • Salary: $140k plus benefits
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

TAX & ACCOUNTING CANDIDATES

FTE Senior Tax and Accounting / Manager | Candidate ID #20624298

  • Certifications: EA
  • Education: BA, PhD
  • Experience (years): 10+ years of overall experience
  • Work experience (detail): 8 years in own accounting firm
    • Tax preparation for individuals and SMBs
    • General accounting and tax services provider
    • Managed a small accounting team
  • Client niches: Creatives, Professional Services, Retail, Hospitality
  • Tech Stack: QBO, QBDT,  Xero, Wave, WooCommerce, Shopify, Square
  • Remote Work Experience: Y
  • Salary: $85k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

FTE Tax and Accounting | Candidate ID #21900840

  • Certifications: CPA eligible
  • Education: BS Business Administration, Finance
  • Experience (years): 6+ years experience in accounting and finance
  • Work experience: 4+ years experience in public accounting
    • Tax return preparation
    • Tax planning
    • Client facing experience
  • Client niches: Nonprofits, SMBs, Restaurants, Professional Services
  • Tech Stack: Lacerte, UltraTax, Practice CS, QBO, QBDT
  • Remote Work Experience: Y
  • Salary: $60k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

FTE Tax and Accounting | Candidate ID #19331317

  • Certifications: QuickBooks Pro Advisor, EA in process
  • Education: BS Business, Accounting
  • Experience (years): 30 years experience in the accounting industry
  • Work experience:  24 years in public accounting
    • 20+ years prep and review
    • Leads team of 3 employees
    • Tax planning, projections and advisory
  • Client niches: SMBs, Services, Retail, Construction, Hospitality, Nonprofits
  • Tech Stack: QBO, QBDT, ProSystem fx, UltraTax CS,  Fixed Assets CS, FileCabinet CS
  • Remote Work Experience: Y
  • Salary: $80k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

FTE Tax and Accounting | Candidate ID #17335913

  • Certifications: CPA in process
  • Education: BBA, Accounting, MS Accountancy
  • Experience (years): 11 years tax and accounting experience
  • Work experience: 10 years in public accounting
    • Tax preparation and review
    • Client revenues range from $5m to $800m
    • Provides accounting and advisory’Leads tax engagements
  • Client niches: Construction, Real Estate, Private Equity, Manufacturing, Wholesale, Professional Services, Oil & Gas
  • Tech Stack: CCH Axcess, Quickbooks, GoSystemTaxRS, PracticeCS, Checkpoint, ProSystem Engagement, GoFileRoom
  • Remote Work Experience: Y
  • Salary: $115k
  • Time Zone: Central
  • Sign up to learn about this Candidate

FTE Tax and Accounting | Candidate ID #20616876

  • Certifications: CPA in process
  • Education: BS BA, Accounting
  • Experience (years):  8+ years experience
  • Work experience (detail): 2 years tax and accounting with CPA firms
    • Most recently worked as a Staff Accountant
    • Full cycle accounting for 25+ clients
    • Provides financial analysis
    • Tax preparation for Individuals, Partnerships, S Corps and Trusts
  • Client niches: SMBs, Restaurants, Real Estate
  • Tech Stack: QBO, QBDT, ProSystems, UltraTax, Engagement
  • Remote Work Experience: Y
  • Salary: $80k
  • Time Zone: Mountain
  • Sign up to learn about this Candidate

FTE Tax and Accounting | Candidate ID #21880018

  • Certifications: CPA
  • Education: BS BA Accounting, MS Accounting
  • Experience (years): 3 years tax and accounting
  • Work experience (detail): Tax Accountant with a regional firm
    • Prepared 300 tax returns last season
    • HNWIs, SMBs, Trusts, Nonprofits
    • Supports accounting and monthly financials\
  • Client niches: Retail, Medical Practices, Real Estate
  • Tech Stack: CCH Axcess, QBO/QBDT, Karbon
  • Remote Work Experience: Y
  • Salary: $85k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

ACCOUNTING & ADVISORY CANDIDATE 

FTE Senior Accounting | Candidate ID #19590184

  • Certifications: CPA in process
  • Education: BBA Accounting
  • Experience (years): 8 total in public accounting
  • Work experience (detail): currently a Manager at a public firm
    • 5+ years at current firm
    • Manages the accounting services relationship for 13-14 clients
    • Hands on and reviews team output
    • Conducts tax planning, strategy and supports client transactions
  • Client niches: Hospitality, Restaurants, Franchisees
  • Tech Stack: QBO, QBDT, Sage Intacct, Bill.com, Expensify, Proliant
  • Remote Work Experience: Y
  • Salary: $100k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

FREELANCE / PROJECT TALENT

PT Accounting Manager/Controller  | Candidate ID #21775469

    • Certifications:  CPA
    • Education:  BS Accountancy
    • Experience (years):  20+ years accounting experience
    • Work Experience:  20+ years in public accounting
      • 10 years as partner/owner of a practice
      • Led teams of 15 Accountants
      • 3+ years leading national remote cloud accounting practice
      • Managed team supporting 1000+ clients
    • Client Niches: Professional Services, Medical / Dental / Legal / Architectural, Retail, ecommerce,
    • Tech Stack: QuickBooks, QBO, HubSpot, Gusto, Bill.com, Karbon, Expensify, Bamboo, Avalara, Stripe, Shopify, Asana, Fathom
    • Remote Work Experience: Y
    • Comp Rate: Project pricing or $140/hour, flexible
    • Sign up to learn about this Candidate

 

Don’t miss out on the full list of top candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | June 13, 2024 appeared first on Going Concern.

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Accounting Firms of All Sizes Care Less About IRS Headaches and More About Finding and Retaining Staff, Says AICPA Survey https://www.goingconcern.com/accounting-firms-of-all-sizes-care-less-about-irs-headaches-and-more-about-finding-and-retaining-staff-says-aicpa-survey/ Thu, 06 Jun 2024 23:18:37 +0000 https://www.goingconcern.com/?p=1000896148 In the latest pspspsps, er PCPS survey (that’s Private Companies Practice Section) put out by […]

The post Accounting Firms of All Sizes Care Less About IRS Headaches and More About Finding and Retaining Staff, Says AICPA Survey appeared first on Going Concern.

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In the latest pspspsps, er PCPS survey (that’s Private Companies Practice Section) put out by the AICPA every two years, talent is winning as the biggest worry for every size firm surveyed except for sole practitioners. The “sole” in sole practitioner meaning people who work for themselves and don’t have staff so yeah, if they too were worried about finding talent we might really be in trouble.

Here’s what Journal of Accountancy had to say about this latest batch of results:

Finding qualified staff was far from the only staffing-related issue that’s top of mind for accounting firms, the survey found:

  • The two largest firm categories (11–20 professionals and 21 or more professionals) listed “retaining qualified staff” as their No. 2 issue.
  • Small to midsize firms listed “developing the next generation of firm leaders” as a top five concern or higher.
  • The largest firms named “effective staff utilization and management” and “staff compensation and reward programs” among their top five concerns.
  • Firms with 6–10 professionals also recognized the aging of owners/partners as a top five concern, a ranking that also reflects the need for firms to focus on leadership development.

They’ve conveniently laid the results out in this chart:

It’s encouraging to see staff compensation on the board for at least one category of firm. They might be *this close* to figuring out how closely that factor is tied to their talent problems.

Comparing this to 2022’s PCPS top issues at CPA firms, “Finding qualified staff” hasn’t changed in importance for the 11-20 and 21+ professionals groups but is now increasingly troubling the 2-5 and 6-10 groups. And you’ll see “Retaining qualified staff” made a big jump for the 11-20s while it remains in the same spot for firms comprised of 21 or more professionals. They changed the colors around from 2022 to 2024 so you may need to do some reading to decipher any other ranking changes.

AICPA Private Companies Practice Section CPA Firm Issues Survey results
From June 2022’s “Finding/Retaining Staff and Challenges Working With the IRS Are Top PITAs for CPA Firms, Says AICPA Survey

Do you ever wonder if firms report talent as a top issue not because they’re really suffering but because they’re reading too many articles about the talent shortage and preemptively bugging out? 2021/22 is right about the time the “real” media outlets latched on to the accounting talent shortage and started cranking out article after article about how bad it is out there. Not to say the talent shortage isn’t real. Maybe just a bit overdramatized. If you pay more than the competition and don’t make people come into the office five days a week, you shouldn’t have that big a problem.

Finding qualified staff tops ranking of CPA firm top issues [JofA]

The post Accounting Firms of All Sizes Care Less About IRS Headaches and More About Finding and Retaining Staff, Says AICPA Survey appeared first on Going Concern.

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Top Remote Accountants of the Week | June 6, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-june-6-2024/ Thu, 06 Jun 2024 17:24:57 +0000 https://www.goingconcern.com/?p=1000896174 Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or […]

The post Top Remote Accountants of the Week | June 6, 2024 appeared first on Going Concern.

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Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

 

TAX CANDIDATES

FTE Tax Senior | Candidate ID #12942644

  • Certifications: CPA in process, certification goal in 2024
  • Education: BBA Accounting
  • Experience (years): 12 years experience in tax and accounting with public firms
  • Work experience (detail): Currently a Tax Senior with a regional firm
    • Complex partnership return preparation and review
    • Tax Associate with a national firm 
    • 5 years with a small firm, tax preparation, accounting and audit 
  • Client niches: Real Estate, Construction, Manufacturing, Professional Services, HNWIs 
  • Tech Stack: ProSystem fx, Engagement and Fixed Assets, GoSystem Tax, GoFileRoom, Accounting CS, QuickBooks, CCH Axcess, BNA, CaseWare, Sage, UltraTax
  • Remote Work Experience: Y 
  • Salary: $110k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax Accountant | Candidate ID #19769964

  • Certifications: CPA
  • Education: BA Commerce
  • Experience (years): 9 years tax experience
  • Work experience (detail): 9 years in public accounting
    • 2 tax seasons filing experience
    • Client tax planning and compliance consulting
    • 7+ GST and VAT international experience
  • Client niches: Real Estate, Retail, HNWIs, Nonprofits, Professional Services, Travel, Healthcare
  • Tech Stack: Drake, TurboTax, CompuOffice, Excus GST
  • Remote Work Experience: Y
  • Salary: $90k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

TAX & ACCOUNTING CANDIDATES

FTE Tax & Accounting | Candidate ID #21664687

  • Certifications: Certified QBO ProAdvisor
  • Education: BS Business Administration, Accounting
  • Experience (years): 6+ years total experience
  • Work experience (detail): Currently an Accountant at a CPA firm
    • Prepared 40-50 returns 90% personal with Schedule C’s and 10% SMB
    • Experience training and reviewing the work of interns
    • Weekly and bi-weekly payroll experience
  • Client niches: Restaurants, Law Practices, Medical Practices, Telecom
  • Tech Stack: QBO, QBD, Xero, Gusto, Clover, CCH Axcess
  • Remote Work Experience: Y (cloud accounting clients)
  • Salary: $80k 
  • Time Zone: Pacific
  • Sign up to learn about this Candidate

 

FTE Tax & Accounting | Candidate ID # 21747061

  • Certifications: Enrolled Agent
  • Education: BS Business Administration, Accounting
  • Experience (years): 9 years working in both public accounting and industry
  • Work experience: 4+ years in public accounting
    • Prepared more complex returns
    • Tax planning, business planning, tax advisory services
    • General accounting, bookkeeping and payroll services
  • Client niches: Construction, Real Estate, Manufacturing, ecommerce, Services
  • Tech Stack: QuickBooks, Lacerte, MetaRecords, MS SQL
  • Remote Work Experience: Y
  • Salary: $100k
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

ACCOUNTING CANDIDATES

FTE Accountant | Candidate ID #20143451

  • Certifications: Bill.com Certified
  • Education: BS Business, MBA Accounting
  • Experience (years): 7+ years accounting, 3+ in public accounting
  • Work experience (detail): currently an Accounting Manager for a public firm
    • Leads a team of 4 providing full cycle accounting services to ~20 clients per month
    • Client-facing role involves regular client interaction, onboarding, integration
    • Veteran with tech specialization and leadership experience
  • Client niches: Consumer goods, Services, e-commerce
  • Tech Stack: QuickBooks, QBO, Bill.com, Xero, Shopify
  • Remote Work Experience: Y
  • Salary: $100k, flexible
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

FTE Accountant / Bookkeeper | Candidate ID #20310778

  • Certifications: QuickBooks Online ProAdvisor
  • Education: OJT, technical training
  • Experience (years):10 total
  • Work experience (detail): Currently a full charge bookkeeper with a CPA firm
    • Provides full bookkeeping services for 30 small business clients
    • Work paper write ups for tax department
    • Experience supervising and training staff
  • Client niches: Construction, Fabrication, Professional Services, Real Estate, Medical Practices
  • Tech Stack: QBO, QBD, Xero, ADP, Paychex
  • Remote Work Experience: Y
  • Salary: $48k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

AUDIT CANDIDATES

FTE Senior Audit & Tax Candidate | ID #  21757210

  • Certifications: CPA in process 
  • Education: MS Accounting and Finance, MBA, BA Commerce
  • Experience (years):  20+ years accounting and financial services, audit and tax 
  • Work experience: 14 years in public accounting
    • 13+ years audit experience in public accounting
    • Planned and supervised the execution of audit engagements
    • Managed tax team
  • Client niches: Nonprofit, Government 
  • Tech Stack: Aurora, CCH, ProSystems fx, Pivotal, QuickBooks
  • Remote Work Experience: Y
  • Salary: $90k
  • Time Zone: Central
  • Sign up to learn about this Candidate

 

Don’t miss out on the full list of top candidates available weekly! Sign up now to find your next hire.

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | June 6, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | May 23, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-may-23-2024/ Thu, 23 May 2024 20:15:50 +0000 https://www.goingconcern.com/?p=1000896050 Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or […]

The post Top Remote Accountants of the Week | May 23, 2024 appeared first on Going Concern.

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Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

 

FTE Senior Tax and Accounting | Candidate ID #20455103

  • Certifications: CPA in progress
  • Education: BA, Accounting & Business Administration
  • Experience (years): 4+ years in public accounting
  • Work experience (highlight): Staff Accountant at a CPA firm
    • Full client care including accounting, bookkeeping, tax and audit
    • In 2024 completed 100+ returns, 70% for SMB clients
    • Managing 10 full service clients per month
  • Client niches: Restaurants, Distribution, Services
  • Tech Stack: QBO, QBD, CCH, ProSystems fx
  • Salary: $70k+
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax Accountant | Candidate ID #20623905

  • Certifications:  CPA 
  • Education: BA Accounting
  • Experience (years): 17+ years accounting experience
  • Work experience (highlight): 12+ years public with one firm
    • Led client financial reviews
    • Prepared 300+ returns in 2024
    • Partnerships, S & C Corps, SMBs, Trusts
  • Client niches: Real Estate, Manufacturing, Retail 
  • Tech Stack: Lacerte, QuickBooks, ProSystems fx, TPS, CLS
  • Salary: $85k with benefits
  • Time Zone: Pacific
  • Sign up to learn about this Candidate

 

FTE Senior Tax Accountant / Manager | Candidate ID #20614906

  • Certifications: CPA, EA 
  • Education: BS Accounting / Finance
  • Experience (years): 20+ years accounting experience
  • Work experience (highlight): 20+ years in public accounting
    • Led a team of 3 in audit projects
    • Federal, state and local tax filing
    • Managed a tax and accounting practice with 6 staff members
  • Client niches: Real Estate, Nonprofits, Trusts, Estates, Construction, SMBs, HNWIs with equity compensation
  • Tech Stack: QuickBooks, QBO, Lacerte, UltraTax, ProSystems fx
  • Salary: $120k with benefits
  • Time Zone: Pacific
  • Sign up to learn about this Candidate

 

FTE Sr Tax Accountant / Advisory | Candidate ID #20629530

  • Certifications: EA, CFP, CEP, CPA in work
  • Education: BA Economics, MBA Finance
  • Experience (years): 20 years finance experience
  • Work experience (highlight): 7 years tax prep and planning
    • 5+ years client advisory with Big 4 firm
    • Financial planning experience
    • Client advisory, investment portfolio tax strategy 
  • Client niches: HNWIs, SMBs, Partnerships, S-Corps
  • Tech Stack: Lacerte, UltraTax, QuickBooks, Planner CS, eMoney, NaviPlan
  • Salary:  $115k with benefits
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax Senior / Accountant | Candidate ID # 20438176

  • Certifications: Enrolled Agent, in progress
  • Education: BA Accounting
  • Experience (years): 8 years experience in accounting 
    • Work experience (highlight): 7 years in taxation in public accounting
    • Prepares and reviews tax returns
    • Tax planning, projections and tax research
    • Accounting, bookkeeping and financial reporting experience
  • Client niches: Construction, Real Estate, Entertainment, HNWI, Manufacturing and Distribution
  • Tech Stack: Lacerte, CCH, Engagement, ProSystems fx, UltraTax, QuickBooks
  • Salary: $90k
  • Time Zone: Pacific
  • Sign up to learn about this Candidate

 

FTE Senior Accountant/Audit | Candidate ID #20135235

  • Certifications: CFE, CSOE, CIA and CPA in progress
  • Education: MA Accounting, BA Economics
  • Experience (years): 10+ years of accounting and audit experience
  • Work experience (highlight): 5+ years in Big 4 firm
    • Strong audit, accounting and analytical skills
    • Led audit projects, reviews and compilations 
    • Reviewed work of up to 7 team members
  • Client niches: Nonprofits, Government, Retail, Manufacturing and Distribution
  • Tech Stack: Aura and ProSystems fx Engagement
  • Salary: $90k
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

PT Senior Accountant | Candidate ID #7410297

  • Certifications: EA, CFE, QBO ProAdvisor 
  • Education: BS Accounting, BS Finance, MS Accounting
  • Experience (years): 10+ years accounting experience
  • Work experience (highlight): 10 years in public accounting
    • SMB and individual tax preparation
    • 70% business, 30% individuals
    • Fractional Controller and advisory
  • Client niches: Manufacturing, Education, Marketing, Tech, Real Estate, Services, Nonprofits
  • Tech Stack: QBO, NetSuite, Intacct, Xero, Drake, UltraTax, Bill.com, Blackbaud, Gusto
  • Salary: $35+ per hour
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Audit Associate | Candidate ID #20391102

  • Certifications: CPA eligible
  • Education: BS Business, Accounting, MBA Accounting
  • Experience (years): 2+ years of audit experience
  • Work experience (highlight): Audit staff with a regional firm
    • 10+ client portfolio for recurring audit projects
    • Prepares audited financial statements
    • Client presentations and advisory
  • Client niches: Healthcare, Nonprofits, Financial-Services
  • Tech Stack: Caseware, Teams, Outlook
  • Salary: $80k, flexible
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

FTE Tax Accountant | Candidate ID #20660025

  • Certifications: QBO ProAdvisor
  • Education: AS, Accounting (in progress)
  • Experience (years): 4+ years in bookkeeping, accounting, payroll and tax
  • Work experience (highlight): Currently with a small CPA firm
    • High volume tax preparation experience, SMB and individual
    • Payroll processing and payroll tax experience
    • Workers’ comp audits, IRS notice responses 
  • Client niches: Restaurants, Services, Manufacturing, Food Distribution
  • Tech Stack: QBO, QBD,, Gusto, ADP, TaxSlayer, MasterTax 
  • Salary: $75k, flexible 
  • Time Zone: Eastern
  • Sign up to learn about this Candidate

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | May 23, 2024 appeared first on Going Concern.

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Top Remote Accountants of the Week | May 16, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-may-16-2024/ Thu, 16 May 2024 16:20:33 +0000 https://www.goingconcern.com/?p=1000896001 Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or […]

The post Top Remote Accountants of the Week | May 16, 2024 appeared first on Going Concern.

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Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

FTE Senior Accounting and Tax | Candidate ID #5311425

  • Certifications: CPA, QB ProAdvisor
  • Education: BA Accounting, MS Accountancy
  • Experience (years): 10+ years public accounting
  • Work experience (detail): 2+ with national firm
    • 10 years working with large C-Corp clients
    • 5+ years with SMB and HNWIs tax prep and advisory
    • 4 years with own practice with SMB clients
  • Client niches: Real Estate, Construction, SMBs, HWNIs, Healthcare, Nonprofits
  • Tech Stack: QuickBooks,  Drake, GoSystems, ProSeries, ProSystems, OneSource, Host Analytics
  • Remote Work Experience: Y
  • Goal: Senior Accountant with a public firm in general accounting and tax
  • Salary: $95k
  • State: Central
  • Sign up to learn more about this candidate

 

FTE Senior Accountant / Manager | Candidate ID #20346172

  • Certifications: QuickBooks Online ProAdvisor
  • Education: BS International Business, BS Business Administration
  • Experience (years): 20 years accounting experience
  • Work experience (detail): Recent 2+ years with a public accounting firm
    • Onboarding new clients, new client set up
    • Cloud accounting for multiple clients
    • Controller level, HR and supervisory experience
  • Client niches: Retail, Restaurant franchisees, SMBs
  • Tech Stack: QBO, QBD, Hubdoc, Bill.com, Gusto, Expensify
  • Remote Work Experience: Y
  • Goal: Professional growth, Senior Accountant or leadership role in public accounting
  • Salary: $75k+ depending on role
  • State: Eastern
  • Sign up to learn more about this candidate

 

FTE Senior Accountant Tax and Accounting  | Candidate ID #20642801

  • Certifications: EA in work
  • Education: BA Business and Finance, MA Org Leadership
  • Experience (years): 15+ years overall experience in industry and public accounting
  • Work experience (detail): 
    • 3 years tax preparation and review experience
    • Tax planning, advisory services, projections, estimates and research
    • Prior experience in financial services and insurance
  • Client niches: Real Estate, Medical and Construction
  • Tech Stack: Intuit ProConnect, QuickBooks, UltraTax
  • Remote Work Experience: Y
  • Goal: Career growth in public accounting, focus on EA and CPA
  • Salary: $90k
  • State: Central
  • Sign up to learn more about this candidate

 

FTE Senior Audit / Manager | Candidate ID #20648317

  • Education: BBA Finance, MA Accountancy
  • Experience (years): 15+ years accounting experience
  • Work experience (detail): 7+ years in public accounting
    • Leadership role for multiple audit projects
    • 7+ years in audit role with government agencies
    • Nonprofit client audit project experience
  • Client niches: Nonprofits, Government Agencies, SMBs
  • Tech Stack: Tableau, ProSystems fx, Engagement
  • Remote Work Experience: Y
  • Goal: Career growth into an audit leadership role
  • Salary: $90k
  • State: Eastern
  • Sign up to learn more about this candidate

 

FTE Senior Accountant | Candidate ID #20648317

  • Certifications: EA, QBO ProAdvisor
  • Education: BA General Studies / Business
  • Experience (years): 4+ years of tax and accounting experience
  • Work experience (detail): 3+ years in public accounting
    • 1+ years with own practice
    • Bookkeeping, payroll and general accounting 
    • Prepare, review and analyze financial statements
  • Client niches: Nonprofits, Agriculture, SMBs
  • Tech Stack: Lacerte, ProConnect, AdvanceFlow, QBO/DT, SurePrep, TaxCady, Practice CS
  • Remote Work Experience: Y
  • Goal: Professional growth opportunity in public accounting
  • Salary: $95k
  • State: Mountain
  • Sign up to learn more about this candidate

 

FTE Senior Tax and Accounting | Candidate ID #16959349

  • Certifications: CPA
  • Education: MS Accounting, MBA
  • Experience (years): 12 years in accounting and finance 
  • Work experience (detail):  3+ years in public accounting
    • Preparation of complex tax returns
    • Full cycle accounting and audit experience
    • 9+ years finance role in government 
  • Client niches: Construction, Real Estate, Hospitality, Medical Practices, HNWI
  • Tech Stack: QuickBooks, ProSystem fx, Engagement, Axcess
  • Remote Work Experience: Y
  • Goal: Professional growth and leadership opportunities
  • Salary: $90k
  • State: Central
  • Sign up to learn more about this candidate

 

FTE Senior Tax / Manager | Candidate ID #20575235

  • Certifications: CPA
  • Education: BBA Accounting, MS Accounting
  • Experience (years): 9+ years experience in accounting.
  • Work experience (detail): 7+ years tax in public accounting
    • Preparation and review experience
    • Extensive real estate tax experience
    • Managed a small tax team
  • Client niches: Real Estate, Construction, Medical Practices, Retail
  • Tech Stack: QuickBooks, Axcess, ProSystem fx, CaseWare Workpapers
  • Remote Work Experience: Y 
  • Goal: Professional growth leading and developing a tax team
  • Salary: $100k
  • State: Central
  • Sign up to learn more about this candidate

 

FTE Senior Tax and Accounting / Manager | Candidate ID #20624298

  • Certifications: EA
  • Education: BA Fine Arts, PhD 
  • Experience (years): 10+ years of overall experience
  • Work experience (detail): 7+ years with own accounting firm
    • Tax preparation for individuals and SMBs
    • General accounting and tax services provider
    • Managed a small accounting team
  • Client niches: Creatives, Professional Services, Retail, Hospitality
  • Tech Stack: QBO, QBDT,  Xero, Wave, WooCommerce, Shopify, Square
  • Remote Work Experience: Y
  • Goal: Manager of a small accounting and tax team
  • Salary: $85k
  • State: Eastern
  • Sign up to learn more about this candidate

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | May 16, 2024 appeared first on Going Concern.

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Audit Firms’ Tone at the Top Sounds Like a Brown Note, Says SEC Chief Accountant https://www.goingconcern.com/audit-firms-tone-at-the-top-sounds-like-a-brown-note-says-sec-chief-accountant/ https://www.goingconcern.com/audit-firms-tone-at-the-top-sounds-like-a-brown-note-says-sec-chief-accountant/#comments Wed, 15 May 2024 22:31:17 +0000 https://www.goingconcern.com/?p=1000895994 In a statement released today (“Fostering a Healthy ‘Tone at the Top’ at Audit Firms“), […]

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In a statement released today (“Fostering a Healthy ‘Tone at the Top’ at Audit Firms“), SEC Chief Accountant Paul Munter has some strong words for accounting firm leadership: Early-career staff are watching what their leaders do and your elastic ethics have been noted by both the SEC and your impressionable youngsters.

TLDR: Independence and ethics should come before profits. Firms shouldn’t be sweeping incidents under the rug. THE SEC IS WATCHING YOU.

To illustrate his point, he offers this oddly specific scenario:

Picture the following scenario: An issuer’s audit committee solicits competitive bids from audit firms for the company’s independent audit work. In an effort to secure the lucrative engagement, a senior partner at an audit firm secretly promises the issuer’s CFO that if his firm is chosen as the company’s auditor, his firm would provide tax and other permissible non-audit services to the company at reduced rates. The audit firm wins the audit engagement.

Following an investigation by the SEC’s Division of Enforcement, the Commission institutes an administrative proceeding and finds that because of the mutual conflict of interest created by the audit firm’s provision of non-audit services at reduced rates in exchange for being chosen as the company’s auditor, the audit firm and audit partner were not independent within the meaning of Rule 2-01(b) of Regulation S-X. The Commission orders a censure, monetary penalties, and a suspension from appearing or practicing before the SEC for the audit partner.

In the aftermath of such an enforcement action, how might the audit firm respond?

We already know how most of them respond but let’s entertain Mr. Munter anyway, he obviously spent a lot of time and energy on this.

The firm may opt to sweep the incident under the rug. It may treat the independence violation as an isolated incident—an efficient breach or just the “cost of doing business”—and wait things out by allowing the partner to focus on non-audit business development until being reinstated.

Alternatively, the firm may opt to address the incident head-on. Firm leadership may openly discuss among its personnel what went wrong; use the underlying violations as an opportunity to teach and instill in all staff the critical importance of professional integrity, ethics, and serving the public trust; and possibly internally sanction, terminate, or suspend the audit partner.

Firms’ version of the second option: The firm develops a new module of independence training that’s mandatory for all staff and partners to complete. Then everyone shares answers so they can get back to real work and firm leadership feels the issue has been adequately addressed.

Although he doesn’t speak to any specific matter (darn, this would be so much better with names), he does say the SEC has observed firms choose option one. “[A]ccountants, including high-profile audit partners, remain in positions of firm leadership following an enforcement action that results in discipline against the accountant with seemingly no professional repercussions while waiting for a prescribed reinstatement period to pass.” Well yeah. What do you want firms to do, ship them off to Naughty Partner Island? These partners have been building their networks for decades, you can’t just throw that away because they got sued and fined by the SEC.

“But what sort of tone does that response set at the firm?” he asks. “What message does it send to the accounting profession and firm staff, particularly less-experienced staff and staff in service lines other than audit? Does it teach them that skirting the rules is acceptable, as long as you don’t get caught? And if you do get caught, is it simply the cost of doing business and the firm will take care of you until your ‘time out’ from appearing and practicing before the Commission as an accountant is over?”

And then the cycle repeats itself when those less-experienced staff start rising through the ranks themselves. Hey, I remember this from a PSA.

This guy is smoking some strong shit if he thinks any of this will be internalized by growth-at-any-cost audit firms. Bless him for trying though.

Less-experienced staff watch what their managers do. If they see their managers bend the rules or make exceptions for profitable partners who engage in inappropriate conduct, less-experienced staff may assume that this behavior is the path to rise through the ranks. This is why firm leadership must make ethics and character a fundamental part of the firm’s hiring, retention, and promotion criteria for all professionals, regardless of service line within the firm—even at the expense of a more profitable bottom line in the short-term. Professionals trained to conduct themselves, and to expect others on their team to conduct themselves, with integrity in an ethical and professional manner reinforce one another with the support of firm leadership. By contrast, leadership that encourages corner cutting to save time on audit engagements, promotes individuals that do not exhibit key indicia of professional ethical conduct, and fails to support and defend professionals that make difficult decisions in favor of high audit quality will, in the end, fail in their role as public watchdogs.

“Leadership should reward individuals or engagement teams that took difficult stands and sacrificed short-term profitability in order to preserve independence and other professional responsibilities of the firm,” he said completely unironically. “Technical excellence and integrity should be rewarded at least as much as billing, profitability, and business development.” Imagine bonuses being tied to how often you flag potential independence violations and ethical dilemmas.

Another item from his statement stood out like a glaring klaxon (this thing: 🚨). It reads like a big hint that the SEC (and, by extension, the PCAOB because they have nothing better to do) will be keeping a close eye on the private equity arrangements popping up and how firms taking these deals are sectioning off their audit practices.

He said:

Audit firms have also sought investments from third parties, such as private equity firms, that have not been subject to the same independence and ethical responsibilities as auditors. Depending on how those investments are structured, they could lead the firm’s professionals to question the firm’s commitment to both independence and high-quality audits. Firm leaders need to be sensitive to the message such arrangements could send and stand ready to correct any such misimpressions.

And later in the statement, using “cost of doing business” for the third time:

So when firm leadership fails to set a strong tone at the top­—for example, by sweeping mistakes and bad behavior under the rug, treating violations of law as isolated incidents or the “cost of doing business,” not holding wrongdoers throughout the firm and across service lines accountable, or changing their firm structures in ways that could pose future independence challenges for the firm with respect to its audit engagements—they risk eroding the firm’s culture, professional skepticism, quality control systems, and public responsibility as gatekeepers of our capital markets.

[insert Ain’t Nobody Got Time Fo’ Dat gif here]

In conclusion:

Accountants serve a trusted public role in promoting the integrity of our markets and the protection of investors. The value of an audit and auditors depends on their credibility and trustworthiness. Audit professionals in particular have a difficult job—they sometimes must make difficult determinations that pit the public interest against self- or firm-interest. But that is precisely how public accountants fulfill their gatekeeping function to help protect investors: by ensuring that issues are promptly identified and addressed. To maintain that function, and in training the next generations of public accountants, it is critical that leaders of public accounting firms lead by example and foster a healthy tone at the top by prioritizing integrity and professionalism over profit and growth.

It’s a good thing the next generation of public accountants will be algorithms. It’s easier to program in than to demonstrate ethics.

Fostering a Healthy “Tone at the Top” at Audit Firms [SEC]

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Weekend Discussion: How Much Is Too Much When Raising Fees? https://www.goingconcern.com/weekend-discussion-how-much-is-too-much-when-raising-fees/ Sun, 12 May 2024 17:15:10 +0000 https://www.goingconcern.com/?p=1000895915 You may have seen this article on Twitter or in Footnotes on Friday: Higher costs […]

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You may have seen this article on Twitter or in Footnotes on Friday: Higher costs prompt Westbrook accounting firm to raise rates. And if you didn’t, now you have.

In it, Mainebiz speaks to Tabitha Swanson, founder of the 33-person firm Swanson Group LLC based in Westbrook, Maine.

When asked what’s her biggest challenge, she says “juggling the pricing increases with the costs, some increasing unexpectedly without much notice while we only increase our rates annually and the bulk of our business flows in over a few months’ period.” Like one of her software products — which she doesn’t name — that “more than doubled” its pricing with a month’s notice.

But here’s the bit I wanted to call attention to:

We increased our [fixed and hourly] rates by 20% to 25% in 2024, and I suspect we will need to have a similar increase for 2025. We have continued to see pricing increases on products/services we utilize this year, and our pay for all staff needs to continue to increase in order to maintain a qualified staff to service our clients properly.

Here’s one reaction to that:

This prompted me to wonder, in the context of rising costs on literally everything and many accounting firms undervaluing the work they do, is there a such thing as overdoing it on fee increases? A hobby economist such as myself might suggest if clients are willing to pay it then you’ve properly aligned your services with their value in the market. Others might say this lady is insane and, like this person, see an opportunity to poach some disgruntled clients (as if anyone desperately needs more work).

A 2022 article in the same publication says Swanson Group is “the largest 100% female-owned accounting firm in Maine” and 2023 revenue was projected to be more than $4.35 million.

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Note to Partners: Make Sure Your Interns and Associates Know How to Avoid Sus Links and Phishing https://www.goingconcern.com/note-to-partners-make-sure-your-interns-and-associates-know-how-to-avoid-sus-links-and-phishing/ https://www.goingconcern.com/note-to-partners-make-sure-your-interns-and-associates-know-how-to-avoid-sus-links-and-phishing/#comments Mon, 06 May 2024 21:30:28 +0000 https://www.goingconcern.com/?p=1000895834 Remember the Deloitte survey a while back that found Gen Zers were more than twice […]

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Remember the Deloitte survey a while back that found Gen Zers were more than twice as likely as boomers to have their social media account hacked* (17% vs. 8%) and three times more likely than boomers to fall for an online scam (16% vs. 5%)? A refresher:

Today EY released the results of its 2024 Human Risk in Cybersecurity Survey and Gen Z workers who use work-issued laptops or computers for their jobs are feeling not so great about their scam-detecting skills:

Gen Z is losing confidence in their ability to recognize phishing attempts — one of the most common and successful tactics of social engineering attacks — and is most likely to admit to opening a suspicious link. And now, with the power of AI-generated phishing emails, spotting malicious links and content is getting even harder. Although they are a digital-first generation, only 31% of Gen Z feel very confident identifying phishing attempts, marking an alarming nine percentage point drop from 40% in 2022, and 72% said they have opened an unfamiliar link that seemed suspicious at work, far higher than Millennials (51%), Gen X (36%) and Baby Boomers (26%).

The boomers are lying.

More than half of millennials and almost two-thirds of Gen Zers surveyed are worried they’ll get fired if they leave the company door open to a breach.

Nearly two-in-three Gen Z and Millennial workers are particularly fearful about repercussions surrounding cybersecurity, including 64% of Gen Z and 58% of Millennials who fear they would lose their job if they ever left their organization vulnerable to an attack. Younger generations are also more likely to not fully understand what their organization’s process is to report suspected cyber attacks, even though their organization has a process in place (39% Gen Z and 29% Millennials vs. 19% Gen X and 15% Baby Boomers).

Although the numbers seem to show Zoomers don’t have faith in their scam-avoiding skills, more of them feel knowledgeable about cybersecurity than the last time EY did this survey in 2022 (86% vs. 75%). EY says this points to “opportunities to better equip younger workers to turn this knowledge into confidence by investing in upskilling and training that caters to their unique experience as true digital natives.”

The only other figure of note from EY’s press release is this one:

A vast majority of employees (91%) say organizations should regularly update their training to keep pace with AI, especially as AI’s role evolves in cyber threats; but only 62% say their employer has made educating employees about responsible AI usage a priority.

New EY research reveals cybersecurity fears are on the rise among US workers, with a vast majority concerned about AI in cybersecurity [PR Newswire]

*by “hacked” they mean “compromised,” usually through the owner being bamboozled by a fake log-in or using recycled passwords.

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CPAs Would Probably Stick Around If Firms Paid Them More, Let’s Just Outsource Instead https://www.goingconcern.com/cpas-would-probably-stick-around-if-firms-paid-them-more-lets-just-outsource-instead/ https://www.goingconcern.com/cpas-would-probably-stick-around-if-firms-paid-them-more-lets-just-outsource-instead/#comments Thu, 02 May 2024 18:48:58 +0000 https://www.goingconcern.com/?p=1000895806 The Pennsylvania Institute of CPAs (PIPCA) has released a new report called CPA Talent Retention […]

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The Pennsylvania Institute of CPAs (PIPCA) has released a new report called CPA Talent Retention 2024: Keeping Your Best Performers, free to read for PIPCA members but we’ll have to settle for browsing the press release.

Their research polled two distinct groups of professionals — entry- and mid-level CPAs nationwide who have left their firm or the profession within the last five years (“Career Changers”) and Pennsylvania CPAs with 3-10 years of experience who are still on the grind (“Current Talent”). The goal? To find out what made the first group dip out and what keeps the second group not only at their current firm but in the wider profession.

“The findings from our latest report emphasize the complexity of talent retention and the necessity for firms to adopt innovative strategies that address both individual and organizational needs,” says Jennifer Cryder, CPA, MBA, CEO of PICPA. “We want to make sure that the ‘Current Talent’ group does not become ‘Career Changers’. This report aims to guide accounting firm leaders towards effective strategies that we believe, when properly implemented, will enhance both retention and firm performance.”

You’ll recall it isn’t only the scary “75% of current CPAs will retire by 2035” AICPA figure nor plummeting accounting enrollments and low CPA exam numbers that the profession is worried about but also a significant number of experienced professionals leaving accounting completely. See: Job Security Isn’t Enough to Keep Many Accountants From Quitting from Wall Street Journal (published Sept. 22, 2023). So making current professionals “stickier” should be as high a priority as recruiting young people into the profession at the high school and college level. So far it’s the pipeline that’s getting most of the attention.

Notable findings from the 323 professionals in the Career Changers group who have 0-15 years of public accounting experience and have left their firm or profession within the past five years:

  • When asked to complete this statement “My desire to stay at my previous firm or in the accounting field would have increased if…” the leading response was higher salaries (39.7%).
  • Other top responses were: “there were more flexible work options” (35.6%), “entry- and mid-level employees were more valued” (33.5%) and “there were better benefits offered” (30.4%).
  • When provided the same statement but specific to work-life balance, the leading response was: “there were more flexible work options around hours and location” (35.6%).

We’re giggling at the inclusion of people with 0 years of experience. Washouts!

And key findings from the 449 Pennsylvania CPAs with 3-10 years of experience in the Current Talent group:

  • The majority of respondents (56.7%) stated they have a higher desire to stay in public accounting, with 73% stating they would like to stay with their current firm.
  • Career development is a critical factor for retention with 85% of respondents saying their firm actively supports their career development, and 78% saying their firm offers interesting career opportunities.
  • Still, the number one response to the question “What would increase your desire to stay at your firm in the accounting field?” was “there were higher salaries” (46.9%), followed by “my working hours were capped” (42.3%) and “there were better benefits offered” (37.4%).

PIPCA’s suggestion is not to pay everyone more. Rather:

With over 70% of CPAs nearing retirement and a notable decrease in accounting graduates and CPA exam takers, the need for firms to fundamentally move away from the traditional “pyramid” model to a more robust “pentagon” model, better leveraging automation, AI, and outsourcing is critical to long-term success. [emphasis ours] This shift reduces reliance on a broad base of entry-level talent, allowing firms to focus on hiring fewer, but better retained staff while fortifying the middle managers with higher compensation and more diverse career opportunities. The PICPA believes this approach not only can help meet client needs effectively but also aligns with salary expectations and improves work-life balance, ensuring high-quality work without compromise.

Petition to use a five-pointed star model instead of a pentagon.

Reading between the lines, or rather the words in the above paragraph as it’s all plainly laid out, they’re suggesting firms move away from the cattle calls of young, disloyal talent that will leave within two years and pivot instead to automation, technology, and compartmentalized outsourced talent to replace them along with “fortifying the middle managers” who’ve been loyal thus far with better pay and career opportunities.

Are we finally living in the disruptive future we were promised?

The post CPAs Would Probably Stick Around If Firms Paid Them More, Let’s Just Outsource Instead appeared first on Going Concern.

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Top Remote Accountants of the Week | May 2, 2024 https://www.goingconcern.com/top-remote-accountants-of-the-week-may-2-2024/ Thu, 02 May 2024 13:01:00 +0000 https://www.goingconcern.com/?p=1000895796 Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or […]

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Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

 

FTE Accountant | Candidate ID #16071602

  • Certifications: NA
  • Education: BA Accounting in progress
  • Experience (years): 7+ years of overall experience
  • Work experience (detail): Currently with a public accounting firm
    • Services 15+ monthly clients and 75+ quarterly clients
    • Team leadership and work review experience
    • Prepares 100+ returns during tax season 
  • Client niches: Nonprofits, Medical Practices, Contractors, Services
  • Tech Stack: QBO, QBD, Xero Gusto, bill.com, MS Dynamics and Practice CS
  • Remote Work Experience: Y
  • Goal: a remote accounting opportunity with professional growth
  • Salary: $75K
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

FTE Tax Senior / Manager | Candidate ID #17178601

  • Certifications: NA
  • Education: BS & MS Accounting and Taxation
  • Experience (years): 5 years in public accounting
  • Work experience (detail): Leading a tax team as a Senior
    • Analysis and preparation of year-end work papers
    • S & C Corps, partnerships, HNWIs with multiple entities
    • Complex real estate partnerships, waterfall analysis
  • Client niches: Real estate, Retail, SMBs, HNWIs
  • Tech Stack: ProSystems fx, Axcess, CaseWare, QB, QBO, Teams
  • Remote Work Experience: Y
  • Goal: Tax Senior or Tax Manager with a public accounting firm
  • Salary: $85K
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

FTE Senior Accountant  | Candidate ID #20595023

  • Certifications: CPA in progress
  • Education: BS Accounting, MA Taxation
  • Experience (years): 7+ years in Accounting and Tax
  • Work experience (detail): 7 years tax experience
    • 5 years public accounting experience, including several with Big 4 firm
    • Preparation and review experience 
    • Tax research, planning, projections, and estimates
    • Tax team leadership experience
  • Client niches: Healthcare, BioPharma, Real Estate, Asset and Wealth Management, Private Client Services, Construction and Technology
  • Tech Stack: One Source. QuickBooks, Go-Systems, Oracle
  • Remote Work Experience: Y
  • Goal: Remote Senior Tax opportunity, CPA support, promotional opportunity
  • Salary: $90K
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

 

FTE Tax and Accounting | Candidate ID #20076015

  • Certifications: QuickBooks Online ProAdvisor
  • Education: BS Accounting
  • Experience (years): 30+ in public accounting and industry
  • Work experience: most recently with a CPA firm for 3 years
    • Prepared about 50+ 1040s with Schedule C, E or F per week
    • Managed 12+ accounting clients, 40 payroll clients and sales tax filing
    • Supervised and trained bookkeeping staff
  • Client niches: Professional Services, Restaurants, Attorneys
  • Tech Stack: QBO, QBD, Sage/Peachtree, EasyAct, Creative Solutions, Lacerte
  • Remote Work Experience: Y
  • Goal: seeking a remote accounting position with professional growth
  • Salary: $55K
  • Time Zone: Central
  • Sign up to learn more about this candidate

 

FTE Senior Accountant | Candidate ID #16674123

  • Certifications: QuickBooks Online ProAdvisor, PTIN, EA in work
  • Education: AS Accounting, BA Accounting in process
  • Experience (years): 7+ years in accounting and tax
  • Work experience (detail):  5+ years in public accounting
    • 5+ years review work with junior staff
    • Full cycle bookkeeping for multiple clients
    • Tax planning, advisory services, estimates and tax research
    • Preparation of financial statements
    • Training of new employees
  • Client niches: Retail, Medical Practices, SMBs with $2-15m revenue
  • Tech Stack: UltraTax, Tax Act, Crosslink, Practice, MS Office, QuickBooks 
  • Remote Work Experience: Y 
  • Goal: join a public firm with professional growth in accounting and tax
  • Salary: Hourly: $80k with benefits
  • Time Zone: Central
  • Sign up to learn more about this candidate

 

FTE Senior Accountant / Manager | Candidate ID #20242528

  • Certifications: CPA
  • Education: BBA Accounting, MS Accounting, MBA 
  • Experience (years): 10+ years accounting experience
  • Work experience (detail): 4 years public accounting 
    • Assurance Associate at a Big 4 firm
    • 2  years private equity investment team
    • Financial analysis, acquisitions, operational KPIs
    • 4 years industry, SaaS, hospitality, ecommerce
  • Client niches: Retail, Ecommerce, SasS, FinTech, Medical Devices
  • Tech Stack: QuickBooks, Xero, NetSuite, SAP, MS Dynamics, Great Plains, PowerPI, Tableau, ASC 605 & 606
  • Remote Work Experience: Y
  • Goal: Fractional Controller, Advisory role in public accounting
  • Salary: $130K, flexible considering total package
  • Time Zone: Central
  • Sign up to learn more about this candidate

 

FTE Senior Tax Accountant | Candidate ID #5315223

  • Certifications: EA
  • Education: BS Accounting, MS Taxation
  • Experience (years): 10+ in multiple client/public accounting
  • Work experience (detail): currently Senior Accountant with public firm
    • Prepared and reviewed returns for individuals, corporations and partnerships
    • Experienced with preparation and review for estates and trusts, nonprofits, expats
    • Handled FinCEN, FBAR reporting, tax planning, tax representation, Federal and state
    • Project management of tax matters, including scheduling, budgeting, internal controls, team management
    • Client-facing, experienced in client management and development 
  • Client niches: Medical, Dental, and Legal Practices, Small Businesses, Real Estate, Entertainment, Hospitality, Estates, Trusts, S Corps
  • Tech Stack: Drake, Lacerte, ProSystems Tax and Engagement, QuickBooks, etc.
  • Remote Work Experience: Y
  • Goal: seeking senior role with professional growth and year round client support
  • Salary: $95K, benefits and bonus potential
  • Time Zone: Pacific
  • Sign up to learn more about this candidate

 

PT Freelance Accounting and SALT Contractor | Candidate ID #F20063177

  • Certifications: CMI Certificate
  • Education: BS Accounting
  • Experience (years): 16 years in accounting and indirect tax
  • Work Experience (detail): 5 public accounting, 3 in Big 4, 8 industry
    • 4 years as state auditor
    • Managed large indirect tax refund claim projects
    • Consulting and analysis with corporate clients
  • Client Niches: Technology, Healthcare, Manufacturing, Logistics
  • Tech Stack: Avalara, OneSource, QuickBooks, Vertex, Alteryx
  • Remote Work Experience: Y
  • Goal:  Freelance accounting and indirect tax projects
  • Comp Rate: $90/hour flexible depending on project complexity
  • Time Zone: Eastern
  • Sign up to learn more about this freelancer

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

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Top Remote Accountants of the Week | April 25, 2024 https://www.goingconcern.com/top-remote-accounting-candidates-of-the-week/ Thu, 25 Apr 2024 14:04:22 +0000 https://www.goingconcern.com/?p=1000802778 Are you struggling to hire remote accountants, CAS, auditors, or tax professionals for your firm […]

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Are you struggling to hire remote accountants, CAS, auditors, or tax professionals for your firm or internal team? Accountingfly is ready to partner with you! With Always-On Recruiting, you can gain full access to a pool of highly skilled and experienced remote accountants ready to join your team at no up-front cost. Sign up now to access the complete list and connect with the candidates.

 

FTE Senior Accountant | Candidate ID #19665998

  • Certifications: NA
  • Education: BS Business Administration Accounting
  • Experience (years): 20 years accounting experience
  • Work experience (detail): 
    • 15 in public accounting working with SMBs and nonprofits
    • Full outsourced accounting and financial reporting services
    • 5 years industry at accounting manager, controller level
  • Client niches: Construction, manufacturing, retail, services, tech, hospitality, nonprofits
  • Tech Stack: QuickBooks, QBO, POS, Ajera/Deltek, Oracle, Successware
  • Remote Work Experience: Y
  • Salary: $100K-$120K
  • Time Zone: Pacific
  • Sign up to learn more about this candidate

FTE Senior Accountant  | Candidate ID #20166716

  • Certifications: CPA Candidate
  • Education: BS Accounting
  • Experience (years): 4+ years of overall experience
  • Work experience (detail): close to 4 years in financial services and public accounting
    • Tech savvy with 4 years of cloud accounting experience
    • Year-end account clean up and EOY workpapers
    • Managed 18 full-cycle accounting clients and tax prep 
  • Client niches: transportation, insurance, consumer goods, nonprofit, construction, real estate
  • Tech Stack: QBO, QBD, Xero, Bill.com, Paycom, Gusto, ADP, Expensify, Stripe, Paychex, Tableaux, Salesforce, SAP
  • Remote Work Experience: Y
  • Salary: $75K
  • Time Zone: Central
  • Sign up to learn more about this candidate

FTE Senior Accountant / Tax Manager | Candidate ID #19755037

  • Certifications: EA
  • Education: BA Accounting
  • Experience (years): 20+, including 10+ years tax preparation experience
  • Work experience (detail): currently a Senior Tax Associate at a public accounting firm
    • S Corp, C Corp, partnerships, individuals, trusts and estates, nonprofits
    • 2023 and 2024 tax season focused on preparing complex partnership and HNWI filings; responsible for managing client relationships
    • Previously served as a Manager/Tax Preparer/Tax Resolution Specialist at a public accounting firm 
    • Led a team of 5+ in preparing 400+ returns; prepared more complex returns (40%) and reviewed returns prepared by team (60%)
    • Also handled bookkeeping, posting/maintaining general ledger accounts and adjustments, bank reconciliations.
  • Client niches: Small business, construction, real estate partnerships, medical services, hospitality
  • Tech Stack: UltraTax, ATX, Drake, QuickBooks
  • Remote Work Experience: Y
  • Salary: $120K
  • Time Zone:  Central
  • Sign up to learn more about this candidate

FTE Senior Audit and Tax | Candidate ID #13492842

  • Certifications: CPA, QuickBooks Online Certified ProAdvisor
  • Education: BS & MS Accounting
  • Experience (years): 8+ years accounting experience 
  • Work experience (detail): 7 with public accounting firms
    • 7 years audit project leadership experience
    • Supported return preparation effort during tax season
    • Training material preparation and delivery experience
  • Client niches: Government agencies, nonprofits, SMB clients
  • Tech Stack: QuickBooks, CaseWare, Slack, Google Suite, Teams
  • Remote Work Experience: Y
  • Salary: $100K 
  • Time Zone: Central
  • Sign up to learn more about this candidate

FTE Senior Tax and Accounting | Candidate ID #20455608

  • Certifications: CPA
  • Education: BA Political Science
  • Experience (years): 8+ years accounting experience
  • Work experience (detail): 4+ years public accounting experience
    • Currently an Accounting Director in industry
    • 4 tax seasons 75+ returns, including partnership, S & C Corps, nonprofits, trusts
    • Accounting process clean up and internal procedure implementation 
  • Client niches: medical practices, hospitality franchisees, retail
  • Tech Stack: QBO, QBD, Xero, Lacerte, Drake, Expensify
  • Remote Work Experience: Y
  • Salary: $80K-$100K
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

FTE Senior Tax and Accounting | Candidate ID #20455103

  • Certifications: CPA in progress
  • Education: BA Accounting & Business Administration
  • Experience (years): 4+ years in public accounting
  • Work experience (detail): Currently a Staff Accountant at a CPA firm
    • Full client care, including accounting, bookkeeping, tax, and audit
    • In 2024, completed 100+ returns, 70% for SMB clients
    • Managing 10 full-service clients per month
  • Client niches: restaurants, construction materials, services
  • Tech Stack: QBO, QBD, CCH, ProSystems fx
  • Remote Work Experience: Y
  • Salary: $70K+ 
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

FTE Senior Accountant, Tax | Candidate ID #11646700

  • Certifications: QuickBooks Online Certified ProAdvisor
  • Education: College studies, OJT
  • Experience (years): 10 years in tax and accounting
  • Work experience (detail): 5+ in public accounting, full cycle accounting and tax 
    • Current role is Senior Tax Accountant
    • Prior as Staff Accountant working with clients on full cycle accounting
    • Over 4 years for a tax service working with individual and SMB clients 
  • Client niches: food industry, medical practices, commercial and residential real estate, ecommerce retail 
  • Tech Stack: Creative Solutions, Adobe Acrobat, Fixed Assets CA, CCH Engagement, CCH Axcess, Juris Suite, Drake, Yearliy Core W-2, and 1099 filing
  • Remote Work Experience: Y 
  • Salary: $90K
  • Time Zone: Eastern
  • Sign up to learn more about this candidate

FTE Bookkeeper / Accounting | Candidate ID #17084167

  • Certifications: NA
  • Education: OJT
  • Experience (years): 10+ years accounting and bookkeeping with CPA firms
  • Work experience (detail): Most recently served as a full charge bookkeeper at a CPA firm
    • 5+ years experience working in a fully remote capacity
    • Client-facing experience
    • Tax data entry experience
    • Payroll, payroll tax and sales tax experience
  • Client niches: hospitality, medical practices,, transportation, real estate
  • Tech Stack: QBD, QBO, Xero, UltraTax, CCH, ADP, Track1099
  • Remote Work Experience: Y 
  • Salary: $45K+
  • Time Zone: Central
  • Sign up to learn more about this candidate

PT Freelance Ecomm Senior Accountant | Candidate ID # F20099928

  • Certifications: QBO Pro Advisor, Xero Advisor, ConnectBooks Partner, Certified Avalara Partner
  • Education: BS Accounting
  • Experience (years):  10 years accounting experience
  • Work experience (detail): 7+ ecommerce retailer advisor
    • Set up accounting systems for online retailers
    • Advised clients on Amazon, Shopify, WalMart Fulfillment
    • ASC 606 implementation
  • Client niches: ecommerce retailers
  • Tech Stack: QBO, Xero, Gusto, FreshBooks, Avalara 
  • Remote Work Experience: Y
  • Salary: $50-$60 / Hour
  • Time Zone: Central
  • Sign up to learn more about this freelancer

 

Drop your information here, and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

The post Top Remote Accountants of the Week | April 25, 2024 appeared first on Going Concern.

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Confidential to Clients: You Better Act Right, You’re Getting Graded Now https://www.goingconcern.com/confidential-to-clients-you-better-act-right-youre-getting-graded-now/ https://www.goingconcern.com/confidential-to-clients-you-better-act-right-youre-getting-graded-now/#comments Wed, 24 Apr 2024 22:00:32 +0000 https://www.goingconcern.com/?p=1000895604 With tax season behind us, clients now have a whole year to work on finding […]

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With tax season behind us, clients now have a whole year to work on finding a new tax preparer if theirs dipped out on them in the past year or two. You see, firms finally got the “charge what you’re worth” memo and have been shedding bad clients to free up scarce resources for the good ones. And that’s a good thing. God I hate when trash websites use “and that’s a good thing.” Sorry. But it is.

Among the #TaxTwitter trends we’ve witnessed of late — like enforcing proper onboarding and not proceeding with the relationship if the prospective client can’t bother to complete it — a new one is emerging. Faced with staffing shortages, firms are taking the unconventional approach of turning away work that isn’t worth the trouble.

Exhibit A:

Sucks for clients but great for the overworked professionals who serve them. Don’t say you weren’t warned, clients.

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Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? https://www.goingconcern.com/survey-says-which-group-of-auditors-are-most-satisfied-with-their-salaries/ Mon, 08 Apr 2024 21:34:13 +0000 https://www.goingconcern.com/?p=1000895437 The Association of Chartered Certified Accountants (ACCA) recently published some results from a survey of […]

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The Association of Chartered Certified Accountants (ACCA) recently published some results from a survey of more than 6,500 finance professionals, the bulk of them auditors, from 150 countries and while the entire thing is packed with fascinating (if predictable) results, two areas in particular are crying out to be highlighted.

Under the “Remuneration” section, the two sections below cover salary satisfaction. The first, how satisfied professionals are with their salaries broken down by type of employer. Those working in government and academia are least satisfied, that is to say a larger proportion of them disagreed with the statement “I am satisfied with the level of pay I receive for the role I perform.” The self-employed and those in the large corporate sector, or what we colloquially call industry, are most satisfied with 41 percent of each group agreeing with the satisfaction statement. Still, the self-employed are the only group where less than half of them reported being unsatisfied with their salaries.

See below:

Chart from ACCA

Another bunch of data conveniently charted out in image form by the ACCA (thank you) provides a breakdown to the above question (if you forgot already it’s “I am satisfied with the level of pay I receive for the role I perform”) by generation. We aren’t surprised the under 43-and-under group are less satisfied than Gen X and Boomers, we are however surprised that Millennials are less satisfied than Gen Z. Maybe because employers bumped salaries slightly when the great accountant shortage panic began and that aligns with a lot of them graduating into the workforce? Feel free to espouse your own theories on that in the comments.

According to the survey, work-life balance is a bigger concern than pay though the two issues are intrinsically tangled up in each other (as the shortage worsens, workloads for those left behind get even heavier).

You know what, let’s throw this one in here too. On the topics of attraction and retention, it appears dissatisfaction with pay is a bigger problem for retention than attraction across all generations.

Check out those Big 4 respondents on the topic of retention:

There’s more worth diving into in the Attract, Engage, Retain report, this’ll do for now.

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Only the Dumb Firms Monitor Badge Swipes https://www.goingconcern.com/only-the-dumb-firms-monitor-badge-swipes/ Thu, 22 Feb 2024 17:06:39 +0000 https://www.goingconcern.com/?p=1000894988 Monitoring badge swipes fosters a culture of distrust and only discourages people from coming to […]

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Monitoring badge swipes fosters a culture of distrust and only discourages people from coming to the office says Nahla Khaddage Bou-Diab in this Accountancy Today article. Khaddage Bou-Diab is credited as a “former EY leader” in the piece, per her LinkedIn she spent three years there as a management consultant at the turn of the century. And she’s right.

Her comments are in response to recent reports that EY UK partners have been analyzing “anonymized ‘turnstile access’ data” and may be tying performance ratings to non-anonymized badge swipes.

Khaddage Bou-Diab believes the methods EY has adopted to encourage people back to the office are symptomatic of a wider cultural issue in global business.

Khaddage Bou-Diab said: “Right now, through their attendance monitoring, EY is showcasing exactly why people don’t want to return to the office. At the end of the day, monitoring turnstile data doesn’t create an environment employees would gravitate towards – and, because of it, these large firms, like EY, risk losing staff for good.”

She goes on to say that the work from home policy has “spiraled out of control” so she’s not exactly a champion of remote work here. “Given the knock-on effects of empty offices, namely decreased cross-department collaboration, productivity, innovation, and execution of deliverables, the C-suite needs to now take hold of the situation,” she said. Isn’t fostering an environment of paranoia and distrust the most effective way to achieve that?

This is not an HR problem, she said, rather it’s on leadership to set the tone. “It’s in their job description to create an organisation their employees want to be a part of,” she says of the C-suite. “But atmospheres dominated by control don’t quite fit that – they push staff into survival mode.”

Former EY leader warns against office attendance monitoring [Accountancy Today]

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The Job Ghosting Is Getting Out of Hand https://www.goingconcern.com/the-job-ghosting-is-getting-out-of-hand/ https://www.goingconcern.com/the-job-ghosting-is-getting-out-of-hand/#comments Mon, 19 Feb 2024 21:05:39 +0000 https://www.goingconcern.com/?p=1000894971 Remember when millennials were entering the workforce 15-20 years ago and the business rags were […]

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Remember when millennials were entering the workforce 15-20 years ago and the business rags were gassing up HR talking about how not loyal they all are? Millennials can breathe a sigh of relief at last because Gen Z is making their predecessors look like excellent employees by comparison.

Fortune has written up an Indeed survey of 1,500 employers and 1,500 workers in the UK that found two-thirds of workers surveyed have “ghosted” a prospective employer in the last year. Blowing off an interview isn’t the worst of it though:

A whopping 93% of Gen Zers told the global recruitment platform that they’ve flaked out of an interview.

Worse still, a staggering 87% managed to charm their way through interviews, secure the job, and sign the contract, only to leave their new boss stranded on the very first day.

Their reason for doing so? According to the survey, it makes them “feel in charge of their career”.

NGL you almost have to respect it.

Anecdotally, we’ve heard several stories of this happening at accounting firms recently. In fact, here’s a first day at the job ghosting story tweeted by someone in the #TaxTwitter gang. We wrote it up in the hopes the person would step forward and allow us to donate the fuck to give they are lacking.

A woman agreed to work for our firm. Did all the paperwork. Came in for first day of training. Took a break to “move her car.” Never came back. It’s become legend and a thing to tease the one guy she met with.

The woman later came crawling back to the firm asking for a second chance. Lame.

This isn’t the first time Indeed has tackled the emerging issue of ghosting by both employer and prospective employee or new hire. For December 2023’s “When Candidates and Recruiters Vanish: Indeed’s Ghosting in Hiring Report,” the job site surveyed 4,516 job seekers who admit to ghosting employers, as well as 4,517 employers who have been ghosted across the US, UK, and Canada. Here’s what they found:

Job seekers are also now more prepared to admit they’ve ghosted before: 78% say they ghosted an employer prior to 2022. In our 2022 survey, the percentage who admitted ghosting prior to 2021 was considerably lower, at 68%.

Employers share the sense that ghosting has increased: 77% say it became more common among job seekers during 2022 in comparison to previous years. In addition, more than half (57%) say it had never happened to them prior to the past 12 months. This is a notable increase from 54% who said the same in our 2022 survey and 45% in 2019.

All of this is leading large majorities of both US job seekers (75%) and employers (74%) to say that ghosting has become entrenched in the hiring landscape.

We would like to know how many of these employers who say they’ve been ghosted require one-way video interviews and/or excessively long aptitude or personality tests. Because NO.

“An assessment ‘that measures your personality and cognitive skills.’ Total estimated time to complete is 1 hour, I gave up after 15 minutes. This is after three hours of interviews for a data job at a dying company.” on r/recruitinghell

This isn’t the first time we’ve covered ghosting either. Way back in 2018 we were compelled to discuss job ghosting from both sides after Journal of Accountancy published a piece on the phenomenon:

[JofA] just did a story about job candidates ghosting during the recruiting process that is essential reading for anyone on the receiving end of a ghost.

It’s happening more frequently: A hiring manager begins the recruitment process with a job candidate, only to have that candidate disappear or “ghost” them at some point — not returning calls, texts, or emails.

Pat Cassady, talent acquisition director at BKD CPAs & Advisors in the Kansas City area, can tell her fair share of stories her staff witnessed: a college student who went through a full round of interviews, and then stopped responding when a job offer was extended; an experienced professional with connections to an employer who stopped responding upon receiving an offer letter; and many others.

What Is Job Search ‘Ghosting,’ and Why the Hell Is Everyone Doing It?,” GC October 9, 2018

So why is this happening at the scale it is? Luddites might argue that it’s due in part to the impersonal nature of the modern recruiting process (this also applies to online dating), that people aren’t just personally invested in the digital process. Maybe it is really a way for workers to feel they have control of a situation. It could be any number of things really but we know this for sure, it’s not going away any time soon.

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Top Remote Accounting Freelancers: February 3, 2024 https://www.goingconcern.com/top-remote-accounting-freelancers-of-the-week/ Sat, 03 Feb 2024 17:57:00 +0000 https://www.goingconcern.com/?p=1000889306&preview=true&preview_id=1000889306 Looking to staff up for a season or hire a freelancer for a project? Accountingfly […]

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Looking to staff up for a season or hire a freelancer for a project? Accountingfly is ready to partner with you! Gain full access to a pool of highly skilled and experienced remote freelance accountants ready to join your team with with no up-front cost.

We are sharing a sneak peek of a few top freelance accounting candidates available this week with Accountingfly.

To gain full access to our entire list of on-demand candidates, join the Freelance Recruiting network to find the perfect fit for your organization risk-free.

Attention tax pros!

Looking for freelance opportunities during busy season? Accountingfly has 60+ clients seeking SMB public accounting experience. Join their network today!

Top Freelance Accounting Candidates of this week:

Are you looking to hire a freelancer?

Accountingfly attracts a network of remote freelance candidates at various experience levels looking for seasonal opportunities. Let us connect you to experienced accountants to fill the temporary needs of your team. Want to learn more about our freelance placement services? Drop your information here, and we’ll reach out to schedule a call to see how Accountingfly can work for you.

Our recruiting services are exclusively available for clients and candidates in the United States.

About the Author:

Liz Branch is the COO of Accountingfly.  Don’t hesitate to reach out to liz@accountingfly.com.

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From Felon to Firm Owner: A Redemption Story https://www.goingconcern.com/from-felon-to-firm-owner-a-redemption-story/ https://www.goingconcern.com/from-felon-to-firm-owner-a-redemption-story/#comments Fri, 03 Nov 2023 14:30:08 +0000 https://www.goingconcern.com/?p=1000883171 Scott Scarano is not your typical accounting firm owner. With his hip-hop hats, silver chains, […]

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Scott Scarano is not your typical accounting firm owner.

With his hip-hop hats, silver chains, and rapper persona, he looks more like a SoundCloud artist than a buttoned-up businessman. Yet behind the unconventional facade lies the real story of an entrepreneur who found purpose in the unlikeliest places.

In his teens, Scott was set on making it big in the entertainment and music industry. Then, he made some regrettable choices selling drugs in college. He was arrested and kicked out of college. His entertainment dreams were crushed, and the future looked bleak.

After cleaning up his act, Scott rebuilt his life using street smarts and hustle to work his way up at a small tax practice. Over time, he was able to purchase the firm and scale it into a profitable, million-dollar business.

As told to me on the Earmark Podcast, Scott’s story proves accounting can provide purpose, community, and fulfillment for those from non-traditional backgrounds. With grit, innovation, and the right mindset, even someone with a checkered past can pivot to redemption and success.

Drugs and Recklessness

As a bright student and a born hustler, like any suburban kid in the early 2000s, Scott had dreams of hip-hop glory.

He was sure he would make it big someday and live the flashy lifestyle he idolized in music videos. So when he got accepted to UNC Chapel Hill, it seemed like his dreams were finally coming true.

Scott started as a business accounting major and even made the Dean’s List his freshman year. But not long after Scott got caught up in Chapel Hill’s fraternity scene. He began seeing dealing as an easy way to make money and live out his rap fantasies.

In Scott’s mind, selling weed and pills to other students was normalized party behavior, no different than underage drinking or smoking joints. “I thought I was doing stuff that everybody else would be doing anyway,” he reflects.

But Scott’s “fantasy world” soon came crashing down. Police busted a drug ring associated with his operation. Scott got arrested and charged with felony distribution, ending his college rap dreams in handcuffs.

He hit rock bottom as his family’s shame and disappointment washed over. However, the hardest part was yet to come.

The Road to Redemption

Getting arrested was a rude awakening for Scott.

When the handcuffs went on, he realized dealing drugs was a dead-end street. When UNC kicked him out, Scott resolved to clean up his act and turn his life around.

However, starting over wasn’t easy. As part of his probation, Scott received a suspended sentence and had to spend 40 days and nights in the county jail. He waited tables to pay for attorney fees and college tuition. Scott felt like an outsider on campus and in accounting classes, haunted by the shame of his arrest.

It took every ounce of Scott’s willpower to persist. He almost quit many times. But fueled by a desire to prove people wrong, Scott blocked out the noise and eventually finished his accounting degree.

Soon, he was hustling for any accounting job that would take a chance on someone with his background. Scott leveraged his sales skills to land an entry-level role at a local tax firm.

Sometimes, You Get More Than One Chance

A local tax preparer was looking to retire in five years. His small practice was generating around $90,000 annually working by himself.

He offered Scott a job with the chance to buy the business eventually. He wanted someone to take over day-to-day operations so he could relax into semi-retirement. It was a perfect fit for Scott’s entrepreneurial ambitions.

Scott eagerly accepted the opportunity and immersed himself in the practice. He marketed the firm through emerging online channels and implemented new cloud-based tools like Xero and Gusto to streamline work.

Scott realized that the skills he had learned “in the streets” also applied to a tax prep business. He employed tactics like three-tier pricing strategies to boost profits. As Scott explains, “I learned a lot about people in sales. I started doing menu pricing. Three options. I learned that from when I was doing options for different grades of drugs.”

Within five years, Scott grew the annual revenue from $90,000 to $500,000. When the time came, he purchased the practice from the owner through a seller-financed deal. In his early 30s,, Scott owned an accounting firm.

Scott transformed his life in just a few short years through persistence, smarts, and grit. The vulnerable ex-con became a successful young entrepreneur with a bright future. For Scott, this was just the beginning.

Operating and Innovating a Firm

In the years after buying the firm, Scott hit a plateau. No matter how hard he worked, he struggled to grow annual revenue past $1.2 million.

Scott admits, “I didn’t really know how to manage people.” Excessive work hours and high employee turnover resulted. He was working 80-hour weeks yet hitting a ceiling.

Eventually, Scott had an epiphany – he was the bottleneck holding the business back. His need to control everything and micromanage his team prevented the firm from scaling. He became determined to step back and build an organization that could thrive without him.

Scott implemented the Entrepreneurial Operating System to empower his team and build clear accountability. He forced himself to stop doing hands-on production, which was initially difficult. Scott also transitioned the company to a fully remote model, a pioneering move at the time.

Inspired by deep work concepts, Scott revolutionized workplace communication at his firm. He replaced frenzied Slack channels with structured “office hours” for focused collaboration. Calendar-blocking and time budgets enabled uninterrupted deep work.

By getting out of his team’s way, Scott enabled them to flourish and operate at their highest level. His firm transformed into a self-running growth machine approaching $2 million in revenue.

This newfound freedom to step away allowed Scott to pursue his passion for rap.

Takeaways for Accounting Entrepreneurs

Scott Scarano’s extraordinary journey reveals how accounting can change lives. His path from drug dealer to successful firm owner seemed improbable. However, through hard work, smarts, and an open mindset, Scott found redemption and meaning in an unlikely place.

Scott’s nontraditional origin story highlights the future potential of the accounting profession. His firm succeeded mainly because of the diverse experiences and “street smarts” Scott brought to the table. As the accounting profession becomes more inclusive, it should embrace owners from all walks of life.

Now, Scott is working to help others succeed, too. Scott created Accounting High, a community for accountants who want to move the industry forward and “get real about the nuances of practice management.”

On his Accounting High podcast, Scott shares lessons for those from non-traditional backgrounds who aspire to own an accounting firm someday.

Wherever your passions lie, Scott’s inspirational journey shows that you can find purpose, community, and belonging through accounting entrepreneurship.

Blake Oliver, CPA, is the founder and CEO of Earmark and co-host of The Accounting Podcast, the No.1 podcast for accountants and bookkeepers.

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10 Essential Project Management Principles for Accounting Firms https://www.goingconcern.com/project-management-principles-accounting-firms-sponcon/ Thu, 05 Oct 2023 14:30:43 +0000 https://www.goingconcern.com/?p=1000846088 Every accounting firm struggles with project management, with smaller practices that are rapidly expanding taking […]

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Every accounting firm struggles with project management, with smaller practices that are rapidly expanding taking the brunt of the damage. As your firm adds new clients, takes on more work, and hires additional employees, old-school project management processes can quickly become obsolete.

However, all is not lost! There are proven strategies that can guide your project management toward efficiency and success—although, it took some serious digging for us to find them. We’ve scoured the archives of time-tested accounting wisdom to share with you these 10 valuable insights.

Legend has it…

As we explored the accounting myths of old, we stumbled onto an ancient tome—the EAAP (Eternally Accepted Accounting Principles.) It was there we discovered this relevant tale:

In the days before project management, Accountant was overwrought with anguish. His team scrambled from one task to another, missing deadlines with abandon. Accountant’s clients grew impatient, lashing out with mighty tirades of passive-aggressive rage.

Left with no other options, Accountant chose to scale the cliffs of Mount § 509(a). According to legend, reaching the peak would provide great wisdom—but it was a journey from which no CPA had ever returned.

Accountant climbed for 65 hours over seven days, comforted only by his state’s generous laws on overtime pay. As Accountant reached the mountain’s peak, the Mage of Numbers appeared, and spoke in a booming voice:

“You have conquered the mountain! To reward your tenacity and willingness to work on weekends, I now pass on to you the secrets of project management for accounting firms. Listen well, for I shall only speak them once.”

And Accountant, who had long forsaken cardio as was thus totally spent, replied, “Could you maybe just put them in an email?”

Read on to discover the 10 principles Accountant learned that day. Along the way, we’ll offer commentary from Going Concern and our friends at Firm360 to provide further insight.

1. Preparation is key

Let’s get this straight: winging it is fine for karaoke night, not for managing multiple accounting projects. Plan it, map it, put it on a spreadsheet—or better yet, use proper project management software. Just don’t go in blind.

2. Respect your deadlines

Or else they will come back to haunt you, like a restless spirit demanding a tax refund. Treat deadlines with the utmost importance; they’re foundational to project success and healthy client relationships.

3. Maintain project integrity

You know what they say about the best-laid plans of mice and men? We don’t, either, but scope creep can be a real problem. So do everything you can to keep your scope intact. Anything extra gets billed, discussed, and properly managed.

4. Stay true to your projections

Be realistic with your project estimates. Claiming you can do a full-scale audit in a week is not optimism; it’s an invitation for apocalypse.

5. Value your team

Your team is your most valuable resource, so treat them more like your TI-86 and less like those plastic blue solar calculators with faded displays they handed out in school. Proper communication and clear task allocation are essential to making your team feel valued and motivated.

6. Remember the weekend

All work and no play makes Jack a disgruntled accountant. Treat work/life balance seriously, and ensure your team always has time for a weekend mimosa or two.

7. Prioritize projects effectively

Before you drool over a new project, make sure your current ones are manageable. “Project FOMO” can lead to bad decisions, stressed teams, and unhappy clients.

8. Equip your team with the right tools

In the sage words of Clay Lehman, Head of Product at Firm360: “Managing projects without the proper technology is like letting a horse direct traffic. No one can get where they need to go except by sheer luck or coincidence, and it’s only a matter of time before a nasty pileup occurs.”

9. Monitor your progress

“Set it and forget it” did wonders for Ron Popeil, but it’s a terrible project management strategy. Across all your projects, you should monitor progress, measure results, and optimize processes based on the insights you uncover.

10. Learn from mistakes

We’re all human—and if you’re not, how are you reading this and will you come to our next party?—so mistakes are inevitable. When things go south, be sure to learn, adapt, and determine what steps you can take to avoid making the same error again.

Unlock efficiency with Firm360

Firm360 makes following these principles easier than solving the $100 clue on Celebrity Baby Jeopardy (“What is ‘goo’?”). With robust project management features designed specifically for accounting firms, Firm360 allows you to know what your team is working on and track their efficiency with ease.

Firm360 also simplifies handing off tasks between team members, seamlessly integrates with email from Office365 and Google, and sets you on course to never miss a client deadline again.

Best of all, Firm360 removes the need to endlessly pivot between project management software and other tools. It’s a true all-in-one platform, combining client management, project management, document management, time and billing, and advanced reporting into a single solution.

Say goodbye to chaos and hello to managed success by trying Firm360 today.

Learn more >

About Firm360
If your accounting firm has ever wanted a magic wand that can turn a project management mess into a paradise of productivity, Firm360 is the ‘abra cadabra’ you’ve been waiting for. Designed by accountants, for accountants, it offers everything from project management to document management and even time and billing capabilities. Try Firm360—and leap into the future of accounting today.

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Firms Aren’t Doing So Bad According to Them, Almost Half Are Outsourcing Work https://www.goingconcern.com/firms-arent-doing-so-bad-according-to-them-almost-half-are-outsourcing-work/ https://www.goingconcern.com/firms-arent-doing-so-bad-according-to-them-almost-half-are-outsourcing-work/#comments Tue, 26 Sep 2023 15:55:21 +0000 https://www.goingconcern.com/?p=1000835440 The listmasters at INSIDE Public Accounting have released their mildly anticipated 2023 IPA Practice Management […]

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The listmasters at INSIDE Public Accounting have released their mildly anticipated 2023 IPA Practice Management Report and should you want specifics on how the 600 firms that participated are doing, you can purchase the full report from IPA at the link above. We’re cheap and lazy so here are the key highlights from this year’s report as generously shared by IPA:

  • More than 50% of firms reported double-digit organic growth rates.
  • Average non-compliance revenue as a percentage of total net revenue was 43.0% for firms above $50 million.
  • Average net income growth was 14.4% for firms above $75 million.
  • Outsourcing initiatives were reported by 47% of firms.
  • Professional staff turnover averaged 14.4%.

In May, outgoing EY Global CEO Carmine Di Sibio shared with CNBC’s Squawk on the Street that EY went from more than 20 percent attrition to 12 “pretty suddenly.” And in July, the data nerds at Revelio Labs said that for the first time since 2019, the number of exits at Big 4 firms decreased rather than increased. Their data showed about 56,600 people left Big 4 firms in 2022, an increase of 8.3% from the year before. For 2023, around 21,400 people left Big 4 firms for the year through June, a 11.6% decrease from the same period last year. All that to say, the IPA figure checks out.

As for outsourcing, duh. Last year we wondered out loud if firms were really sending 30% of their work offshore, that figure’s feeling a little small knowing almost half of firms surveyed are outsourcing.  And the big firms are now working on expanding their footprint in India, investing in operational centers outside of the major metropolitan areas where they’ve been cranking out work for years.

Reported by Reuters in July:

Deloitte, with a workforce of over 100,000 in India, says it will hire 50,000 more staff over three years, and expand its footprint in new towns while KPMG plans to hire over 20,000 over the next three years.

PwC hired close to 12,500 in the fiscal year ended March and expects to hire the same number this year, said Padmaja Alaganandan, the firm’s India chief people officer.

Accounting Today said a few days ago that according to the Rosenberg Survey — yet another state of the profession benchmarking survey or as AT flatteringly calls it: “the industry’s barometer for CPA firm practice management” — the outsourcing number is even higher. “[A]mong firms with over $10 million in revenue, more than 50% are engaging in outsourcing activity, and close to 70% plan to do more outsourcing next year. Of those CPA firms not currently outsourcing, 50% intend to do so next year.”

So yeah. Confirmed.

And as far as revenue and growth are concerned, duh2. Statista says estimated revenue generated by accounting services in the US reached almost $145 billion in 2023, up from roughly $144.2 billion U.S. dollars in 2022. But that’s “accounting services” and not accounting firms’ revenue.” In their 2023 revenue announcements, Deloitte said global revenue was up 14.9% from the year before and EY came in at 9.3%. PwC and KPMG revenue numbers have not yet been released.

Big golf clap all around for firms.

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6 Ways Email is Secretly Destroying Your Accounting Firm https://www.goingconcern.com/accounting-firm-email-management-sponcon/ Thu, 21 Sep 2023 17:30:55 +0000 https://www.goingconcern.com/?p=1000829250 Email: The word itself sounds innocent, doesn’t it? Kind of like “snail mail,” but faster, […]

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Email: The word itself sounds innocent, doesn’t it? Kind of like “snail mail,” but faster, sleeker, and without the slimy trail. But don’t be fooled—email is secretly a sinister beast, hiding in the shadows as it plots to destroy businesses—including your accounting firm.

If your accounting firm still relies heavily on email for client communication and document management, you’re not in the fast lane—you’re on the road to ruin. Let’s expose email for the silent assassin it is by running down the six ways email is secretly destroying your accounting firm.

1. Email threads tie your accounting firm in knots

Check your inbox. How many email threads do you have that resemble an entire season of a soap opera? If you’re like most people, you’ve got multiple sub-threads, people added in midway, and enough “Re: Re: Re: Re:” to populate the Psycho shower scene soundtrack ten times over.

Navigating those threads for one crucial piece of information is about as fun as untangling Christmas lights. Except it’s not Christmas. It’s April 15th, and your client is waiting.

2. File management is a fiasco

Sure, digging through hundreds of emails to find that one PDF your client sent you three months ago sounds exhilarating. It’s like a treasure hunt, except the treasure is a file named “Final_version_7.pdf,” and it’s buried under heaps of spam and calendar invites.

3. Email traps you in the ninth circle of versioning hell

Received an updated file via email while working on the original? Great! Now you’ve got two versions and zero clue which changes were made when. Your spreadsheet now has more conflicting versions than the tales of high school football glory your Cousin Earl tells every Thanksgiving.

4. Accountability is a circus

Tiffany changed the deadline to next Thursday but forgot to copy Rob, who was supposed to send the files to Joan but sent them to Lisa, who is out on vacation for the next two weeks but forgot to set her OOO auto-responder. So Tiffany doesn’t know that Rob sent the files, who doesn’t know when they’re due, and everything sucks.

Sound familiar? Email makes it hard to keep track of who sent what when—and virtually impossible to determine accountability when things go wrong. It’s a total circus, but swap the trapeze artists and clowns for miscommunication and time delays.

5. Security shmashmurity

If you’re sending sensitive documents through email, you’re doing it wrong. It’s actually hard to imagine a less secure way to communicate with your teammates and clients. Even using carrier pigeons would be safer, as birds have yet to master identity fraud.

6. Zero compatibility with modern workflows

Clay Lehman, Head of Product at Firm360, puts it succinctly: “When accounting firms rely on email to communicate with clients and manage documents, it’s like using a walkie-talkie in the era of smartphones. Sure, it technically works, but you’re not playing the same game as everyone else.”

Bring your accounting firm into the modern era

If you’re still using email as your primary tool for client communication and document management, it’s time for an intervention.

Solutions like Firm360 offer a powerful alternative to email—centralizing your communication, document management, and project management into an all-in-one platform that delivers advanced security email can only dream of.

Step into the 21st century with a comprehensive solution that can keep up with the dynamic needs of modern accounting. Get started with Firm360 today.

Learn more >

About Firm360
Feeling the pinch from email inefficiencies? Get with the times and upgrade to Firm360. Developed by accountants who’ve walked miles in your shoes, our platform provides project management, document management, time and billing capabilities, and even a portal for client communications. With Firm360, you can ditch email debacles and leap into the future of accounting. Are you in?

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Don’t Grow Your Accounting Firm Out of Business! Break Up With These Unscalable Practices Now https://www.goingconcern.com/accounting-firm-growth-strategies-sponcon/ Thu, 07 Sep 2023 18:35:42 +0000 https://www.goingconcern.com/?p=1000811568 Business growth is always a high priority for accounting firms, especially small-to-midsize practices. Take care, […]

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Business growth is always a high priority for accounting firms, especially small-to-midsize practices. Take care, though, because growth can be a double-edged sword. If your firm expands too quickly or without the right strategy, it can ramp up costs faster than you can handle, lower the quality of your services—and put so much stress on your staff that every day starts to feel like the height of tax season.

We’re not suggesting you slam on the brakes or hit the slo-mo button on growing your firm, however. Instead, you should identify your unscalable practices, and then replace them with flexible, sustainable strategies that grow with your business.

Going Concern is all about helping people (the word our staff psychologist used was “enabling,” but close enough,) so we’ve made the first part easy for you by drafting a “Dear John” style letter you can use to break up with those nasty unscalable habits. Simply copy and paste the content below, print it out on some nice letterhead, invent a way to send letters to abstract concepts, apply appropriate postage, and—BOOM—your accounting firm will be growing sustainably in no time!

It’s not you, it’s me (but really it’s you)

Dear Unscalable Accounting Firm Practices,

Look, we’ve had some good times, okay? But there are some issues I simply can’t ignore any longer.

Let’s start with this: your processes are inconsistent. I won’t deny that the spontaneity and unpredictability were exciting at first. My business license may have read “sole prop,” but it was only when I partnered with you that I truly felt incorporated.

It’s time to face facts, however. A lack of standardized processes is preventing the firm from remaining healthy as it grows. Every time we prepare a statement, conduct an audit, perform a cost analysis—anything—it’s like we’re doing it for the first time. That leaves my team (particularly the newer hires) unsure of what to do. And it creates repetitive and unnecessary work. Even worse, having no standards leads to random decisions based on gut instincts instead of best practices and real data.

Maybe if it were just you and me, we could find a way to make it work—but we have to consider the whole team. And, quite frankly, you and my staff go together like orange juice and toothpaste.

Time was, the staff would cheer each time we landed a new client. Now, when we sign a new customer, they sob and panic and update their LinkedIn profiles. And it’s all because you’re so hesitant to adopt new technology! That stubbornness is forcing the staff to spend 60 hours a week on work that could easily be done in 30—maybe even less.

Our firm also needs automation, but when I asked you about it, you rambled for 15 minutes about alien robots that can turn into cars and something called “energon.”

Your inconsistency has also scattered our documents across Dropbox, Google Drive, Slack threads, email attachments, and who knows where else? I would say that locating the documents we need is like finding a needle in a haystack, but that would be an insult to needles, haystacks, hay, and the general concept of finding things.

Even if I could forgive everything else, the damage you’ve done to our client relationships would still be enough to bring our journey to an end. It’s gotten so bad that they question whether we can meet deadlines or even respond to their queries. You’re not just burning bridges—you’re napalming them.

With a heavy heart and a massive sense of relief, it’s time to say goodbye.

Sincerely,
An Overworked, Stressed-Out-Yet-Hopeful Accounting Firm Owner

Unlocking scalable practices for your accounting firm

There you have it, folks—the break-up letter that every fast-growing accounting firm needs to send to its unscalable practices. A little harsh? Maybe. Necessary? Absolutely.

Now that you’ve done the hard work of identifying those bad habits and kicking them to the curb, it’s time to move on and find your accounting firm’s true soul mate: practices that not only scale as your organization grows, but also help your firm grow even faster

By adopting standardized processes for tax returns, audits, and even client onboarding and communications, you can enable your staff to work more efficiently, complete projects faster, and enjoy a healthier work/life balance.

Finding the right accounting firm technology

One of the best ways to adopt scalable business practices is through technology. Project management software can help your staff stay on task, efficiently collaborate, easily hand off work between team members, and prevent them from missing deadlines.

Clay Lehman, Head of Product at Firm360, put it like this: “Project management shouldn’t be another project to manage. For accounting firms, software that enables seamless collaboration is just as essential as decimal points and caffeine.”

With document management solutions, you can unite all your documents into a single tool—no more wasting time digging through multiple systems to find what you need.

Along the way, technology can help automate many of the manual and repetitive tasks that hold your firm back—giving you more time to focus on delivering great results for your clients.

According to Lehman, “Client dissatisfaction is the silent killer of accounting firms. Modern practices need modern solutions to keep clients in the loop and satisfied.”

The best way to achieve all of the above is with a single platform that combines project management, document management, and automation into a single tool. That’s exactly what you’ll get with Firm360—plus time and billing features, a client portal that enables easier communication and more efficient movement of documents, and an easy-to-use, mobile-friendly interface your entire team will love.

Reach out to Firm360 to unite your accounting firm with the kind of scalable business practices you can bring home to Mom. Instead of growing your firm out of business, you’ll make your practice more efficient, your staff less frazzled, and your clients much happier.

Learn more >

About Firm360
Developed by accountants who actually know what it’s like to drown in paperwork, Firm360 offers an all-in-one platform that combines project management, document management, and time and billing capabilities. Say goodbye to lost billing, unorganized filing cabinets, and unhappy clients, and enter a new era of efficiency and peace of mind for your firm.

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Friday Footnotes: PwC Partners Get Played; Bad Accounting on the Rise; Getting to the Bottom of the Shortage | 9.1.23 https://www.goingconcern.com/friday-footnotes-pwc-partners-get-played-bad-accounting-on-the-rise-getting-to-the-bottom-of-the-shortage-9-1-23/ Fri, 01 Sep 2023 21:00:39 +0000 https://www.goingconcern.com/?p=1000804001 Footnotes is a collection of stories from around the accounting profession curated by actual humans […]

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Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. P.S. We’re off for Labor Day, hope you are too. The Monday Morning News Brief will be published Tuesday.

Talent

Accounting Research Seeks to Find Solutions for Talent Shortage [EIN Presswire]
The Center for Accounting Transformation, in collaboration with CPA Trendlines, is undergoing Staffing Strategies Research to understand how to address the talent shortage and identify workable solutions for firms and organizations of all sizes. The survey investigates discerning areas of opportunity and education for firms and finance departments that offer innovative approaches and leading practices that can be used to address staffing shortages everywhere. The rapidly changing landscape of the accounting profession, shaped by technological advancements and evolving business needs, demands a fresh look into how firms are attracting, retaining, and deploying their staff. “Everyone is talking about this staffing crisis that’s going on. There’s been a ton of talk about the 150-hour rule, and there’s not enough students in the accounting pipeline,” said Donny Shimamoto, CPA, CITP, CGMA, an inspiration architect with the Center and its founder. “And while there’s been a lot of talk, what we haven’t seen…we haven’t seen any really good survey that says firms have truly done everything that they can do. There’s a lot of anecdotal evidence out there, but there weren’t any good hard numbers…We decided, ‘Hey, we’re going to tackle this, and we want to understand it.’”

Is your firm hiring? Not finding the talent you need? Check out this week’s top remote accounting candidates.

2023 Accounting Firm Industry Insider Series: Key Takeaways from In-Depth Conversations with Managing Partners (Part 2) [JD Supra]
Part 1 of interviews of accounting firm managing partners and industry insiders here
Interviewees at firms of all sizes acknowledged that the labor market is a little less challenging than in the past few years, but many expressed concerns about the long-term health of the industry’s talent pipeline because fewer people are entering the industry. “A lot of people are retiring, and few people are graduating with accounting degrees,” worried one managing partner.The CEO at one of the nation’s largest firms noted that the current training and education requirements for those entering the accounting field aren’t supported by the salaries earned at the starting level. In addition to encouraging the industry to raise starting salaries, he hopes that technology and outsourcing will enable people to spend more time on work they find meaningful.

Employers added 187K jobs in August, including 2.7K in accounting [Accounting Today]
The biggest gains occurred in the health care, leisure and hospitality, social assistance and construction industries. The professional and business service sector added 19,000 jobs, including 2,700 in accounting, tax preparation, bookkeeping and payroll services. Average hourly earnings rose in August by 8 cents, or 0.2%, to $33.82. Over the past 12 months, they’ve increased 4.3%.

Oops!

PwC Australia flags revenue hole, partner profit cut due to tax scandal legacy [Reuters]
PwC Australia on Friday said the spin-off of its government consulting business and other costs from a tax scandal will leave a double-digit revenue hole and require partners take an income haircut. The “big four” accounting firm reported revenue of A$3.4 billion ($2.21 billion) for the year ended June, up 11% on the previous year. However, the divestment of its government consulting business, which was responsible for roughly 20% of revenue, is likely to see revenue drop this fiscal year.

Audit

Battle lines drawn over auditors’ role in combating fraud [AccountancyAge
“Patisserie Valerie pushed the issue of auditor responsibility [for fraud detection] to the fore after so many accounting scandals. A lot of energy went into the debate around making auditor responsibility a priority,” says Ilias Basioudis, associate professor of financial accounting and auditing at Aston Business School, and chair of the auditing special interest group of the British Accounting and Finance Association.

EY releases more than 20 new Assurance technology capabilities supported by Microsoft alliance in first year of US$1b investment program [PR Newswire]
The first 12 months of the EY organization’s Assurance technology investment has included the release of next generation audit data analytics utilizing Microsoft Power BI. The EY organization’s release uses the combined power of EY and Microsoft capabilities, which provide agile development and delivery in a unified approach – including Microsoft Fabric. This transforms the user experience and supports the full integration of data analytics capabilities directly into the workflow of the EY Assurance technology platform. EY Assurance teams now process over 775b lines of journal entry data each year, as part of the EY digitally transformed audit. This follows the integration of EY Canvas – the EY organization’s audit technology application – with Microsoft Azure, which has provided strong performance and extensibility in support of EY’s delivery of more than 150,000 audits globally.

Law & Order

Co-Owner of Media Brokerage Firm Pleads Guilty to Filing a False Tax Return [Department of Justice]
According to court documents and statements made in court, Susan K. Patrick, now a resident of Cody, Wyoming, co-owned a media brokerage firm with her husband and hired an accounting firm to prepare business and personal tax returns for 2012 through 2014. Despite receiving the completed and accurate tax returns from the accounting firm, Patrick did not file them with the IRS. After the IRS contacted Patrick and requested that she file the unfiled returns, Patrick lied to the IRS, claiming that her accounting firm had timely filed the returns and that she would provide copies of those returns. Patrick did not provide copies of the accurate returns that had in fact been prepared by her accounting firm. Instead, Patrick doctored the business returns, removing $10,000,000 in gross receipts earned by her brokerage firm, and altered the personal returns by removing over $9,500,000 in income that she and her husband had earned from 2012 through 2014. Patrick also falsely backdated her signature on each tax return to make it appear as if the returns had been timely signed and mailed these falsely doctored documents to the IRS, hoping to evade paying the full amount of taxes she owed.

Clifton man charged in $13M tech support scam targeting small businesses, seniors [NJBIZ]
“The conspirators would contact victims under the guise of fixing victims’ technical issues with the accounting software. After receiving tech support from the conspirators under these fraudulent pretenses, the victims would either be charged exorbitant fees or additional subscription fees,” according to case documents and court statements released by prosecutors. “These ‘services’ were all fraudulent: They would not cost any additional money for customers who contacted the actual software company, and the software company never authorized Yadav or his conspirators to act on its behalf or charge any fees.” Prosecutors say Phebs Software Services LLC did business as both Phebs Software Services and Quickbooks Accounting.

Firm Watch

FORVIS highlights first-year momentum in annual report [FORVIS]
FORVIS announced revenue of $1,685,539,000 for the fiscal year ending May 31, 2023. This represents a growth rate of greater than 13% over the previous fiscal year and places FORVIS as the eighth largest U.S. firm. Revenues grew in each of the firm’s three major service lines and its 10 core industry practices.

EisnerAmper Names 21 New Partners [EisnerAmper]
It’s their largest partner class to date.
“We are proud and excited to welcome our new partners. Each one is an accomplished professional whose unique perspective, diverse expertise and client-centric mindset will help EisnerAmper continue to unlock potential,” said Eisner Advisory Group CEO Charly Weinstein. “These leaders regularly demonstrate outstanding client service and commitment. The entire EisnerAmper partnership joins me in congratulating them on this achievement.”

KPMG names Richmond office managing partner [Virginia Business]
Wendy Lewis was promoted to managing partner of KPMG LLP’s Richmond office on Aug. 1, overseeing more than 235 employees based there, the New York-based professional services firm announced Wednesday. Lewis, also a partner in KPMG’s audit practice, succeeds Paul Croston, who will retire on Sept. 30 after 33 years with the firm.

Private Equity

After failed EY offer, TPG buys Crowe’s healthcare consulting unit [Consulting.us]
Under the transaction, Crowe Healthcare will become an independent entity under the leadership of founder and managing partner Derek Bang and the existing management team. It will rebrand as Kodiak Solutions. Upon closing of the transaction (expected in the fourth quarter), Kodiak will be majority-owned by TPG Growth – TPG’s middle-market and growth equity arm. Crowe will retain a minority stake.

The Private Equity Playbook [Wealth Management]
Private equity investment in the wealth management space has seen a sustained record of growth over the last five years, with deals expected to increase a further 3% this year, according to the latest estimates from Echelon Partners. At its annual Deals & Dealmakers Summit held in Laguna Beach, Calif. this week, the Echelon team brought together some of the biggest private equity players to discuss the current ‘super cycle,’ with private capital driving a valuation premium for wealth platforms over other financial services firms, as well as the challenges and opportunities they’re seeing in the wealth management space. “You’re seeing some firms leaning into the integration, buying accounting firms or trust companies,” said Christina Walsh, principal at Aquiline. “But then you’re seeing others that are actually bifurcating and selling the wealth management business. I just think it’s an interesting time where you’re seeing both of those things happening simultaneously.”

Rockstars

Evington girl flourishes into successful woman [The Altavista Journal]
These local news stories are so cute
Caroline Light, an Evington [Virginia] woman and University of Lynchburg student, has flourished into a successful young woman that is obtaining success in equestrian, academic studies, and accounting internships thanks to all of her community leaders in Campbell County. In her academic studies, Light is majoring in accounting, a very rigorous curriculum, while obtaining equal to or greater than a 3.75 GPA. This accomplishment enabled Caroline Light to be recognized on the President’s List at the University of Lynchburg for the Spring Semester of 2023.

CFE gold medallist says win left her speechless [CPA Canada]
While Hina Bhimani didn’t expect to take the top spot in Canada, her solid study regimen—and her ability to take a break when needed—proved key to her success. “I was honestly speechless,” says Bhimani of learning about her win. “The day I got the call I was getting a lot of spam calls, so I really wasn’t picking up my phone.” She was nervous even about getting the confirmation that she had passed. But her fears were put to rest when she received an email from CPA Ontario prompting her to call the number given. “After confirming I had passed, they went on to tell me, ‘you also came in first in Ontario. And you were No. 1 in Canada!’ The news just kept getting better and better. There were a lot of happy tears. It took so much effort to even acknowledge what they had told me. I even called back an hour later just to confirm.”

Technology

MOVEit attack victim count surpasses 1,000 organizations [Higher Ed Drive]
The blast radius from the mass exploit of a zero-day vulnerability in the MOVEit file transfer service reached another milestone in its destructive spread: more than 1,000 organizations are impacted, according to Emsisoft and KonBriefing Research. Many downstream victims were exposed by accounting firms, consultancies and benefits and pension actuaries. Milliman, an actuary and consulting firm based in Seattle, filed multiple breach disclosures this month indicating its clients’ data was compromised because it shared data with Pension Benefit Information, a MOVEit customer that was directly impacted by the attacks. Broad sharing of personal and sensitive data has ensnared victims that would otherwise be unimpacted by Clop’s spree of attacks against MOVEit customers.

Optus asks court to stop release of Deloitte cyberattack report [Australian Financial Review]
Thousands of Optus customers who had personal details stolen in a cyberattack and leaked on the dark web may never find out how the breach happened after the telecommunications group pleaded “legal professional privilege” to try to stop a report into the hack being released.

New head of Ernst & Young’s Minneapolis says more companies asking about AI [Minneapolis StarTribune]
The new head of the Minneapolis office of Ernst & Young says more business leaders are coming to the legacy accounting and consulting firm looking for help with a very modern issue: artificial intelligence. “We’re now seeing all companies think about AI: How does that impact my business?” Dominic Iannazzo said in a recent interview. “We’re seeing investments of billions of dollars in AI applications.” Iannazzo, a Minnesota native, was recently promoted to office managing partner at the EY Minneapolis office, which has nearly 800 employees. He grew up in Maple Grove and graduated from the University of St. Thomas, where he was in a pre-med program until a mentor encouraged him to try a couple of accounting classes. Out of college he joined Arthur Anderson, spent some time at 3M, and then joined EY 11 years ago.

IRS Glitch Leads to Erroneous Form 8955-SSA Late Filing Notices [Thomson Reuters]
A national network of retirement plan professionals raised an issue to the IRS after members began to receive late filing notices relating to an electronic form used for satisfying annual registration requirements, which the agency claims was due to a computer issue. According to the American Society of Pension Professionals & Actuaries (ASPPA), one of the several organizations that comprises the American Retirement Association (ARA), erroneous notices were issued to taxpayers claiming their 2022 Forms 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, were filed after the July 31 deadline.

Other Stuff

Flawed accounting surges 150%: Glass Lewis [CFO Dive]
The number of companies restating results or revealing accounting flaws surged more than 150% during the 2023 proxy season, demanding extra scrutiny from company directors overseeing audits, Glass Lewis said in a report. “Problematic accounting and poor internal control over financial reporting at companies has put a strain on audit committees,” Glass Lewis said in the “2023 Proxy Season Briefing” based on analysis of 4,680 reports from companies that held an annual meeting from January through June. The number of accounting errors rose after a record number of businesses went public early this decade either as a special purpose acquisition company or as a conventional initial public offering, Glass Lewis said. Many of the companies are “in the early stages of developing strong internal controls.”

Financial consultant to the government by day, diversity champion all the time [Federal News Network]
Salome Tinker spent 20 years as an enlisted Army nurse. But she’d always loved numbers. “So I went to school at night while I was working at Walter Reed here in D.C. in the daytime and was fortunate to get to intern with Deloitte and then that started my CPA career,” Tinker said. That internship was in the mid-90s. “The medical field and consulting are very similar,” Tinker said during the American Society of Military Comptrollers’ The Business of Defense podcast on Federal News Network. “Someone comes into the hospital. You don’t know what’s wrong with them. You have to do diagnostics or triage to figure out what the problem is. I’ve taken those tools and leveraged them in the business sector to do diagnostics, figure out what the problem is, so that we can offer the best solution.”

Lightning eMotors SPAC Deal Insiders Allegedly Harmed Company [Bloomberg Law]
Electric vehicle maker Lightning eMotors Inc. has lost much of its value and faces mounting costs because of board members and officers’ misrepresentations before and after it went public in a merger with a blank-check company, investors allege. Several insiders involved with the pre-merger special purpose acquisition company had enormous financial incentives to complete the deal, shareholders Denish Bhavsar and Samhita Gera say on behalf of Lightning. The investors filed their derivative suit Wednesday in the US District Court for the District of Colorado.

The post Friday Footnotes: PwC Partners Get Played; Bad Accounting on the Rise; Getting to the Bottom of the Shortage | 9.1.23 appeared first on Going Concern.

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These 10 Tips for Successful Accounting Firm Recruitment Aren’t Terrible At All https://www.goingconcern.com/these-10-tips-for-successful-accounting-firm-recruitment-arent-terrible-at-all/ https://www.goingconcern.com/these-10-tips-for-successful-accounting-firm-recruitment-arent-terrible-at-all/#comments Fri, 04 Aug 2023 15:51:05 +0000 https://www.goingconcern.com/?p=1000765608 Thomson Reuters put out a quick guide on recruiting accounting talent in current year based […]

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Thomson Reuters put out a quick guide on recruiting accounting talent in current year based on responses gleaned from their 2023 State of the Tax Professionals Report and you know what it’s not bad. It’s a refreshing break from the articles that imply ESG is more important to young people than being able to pay rent. Nope, this one has it all — competitive salary, the first date size-up, flexible working arrangements, transparency in interviewing. Not bad, TR, not bad.

Without any further blathering on, here are ten things firms should prioritize in recruiting:

  1. Assess whether candidates are a good fit for your firm on both a professional and personal level
  2. Ensure the salary offered is genuinely competitive
  3. Offer flexible working arrangements
  4. Highlight your firm’s work environment and
  5. Have the patience to find top-quality candidates
  6. Offer attractive benefits and incentives
  7. Have a transparent interview process
  8. Offer learning and training opportunities
  9. Make use of recruiting agencies
  10. Advertise across multiple and diverse recruiting channels

So really that’s two compensation-related items (competitive salary and attractive benefits/incentives). Under item two they say:

Are you familiar with the market rate for the job role you’re trying to fulfill? Take the time to research the salaries of similar roles at other companies, as well as any comparable job descriptions, experience levels, and qualifications you are seeking. You may also want to look at the job market in your area to identify any regional differences in salaries for related positions.

Employers: this means if you want a CPA you better pay for it. Same goes for X years of experience. You might be able to save a few bucks if you offer a slightly less in salary but cap hours at 35, are fully remote, have an excellent health plan, and subsidize doggy day care/gym memberships/XBoxes/whatever. You don’t get to pay people less and expect them to grind out 60 hours a week, in office, with nothing but free K-pods and a company-provided wrist rest. Do better.

Item six elaborates on this point:

On top of the usual benefits like competitive salaries, paid time off, and flexible work arrangements, you can also appeal to candidates by offering:

  • Comprehensive health and dental plans
  • Tuition reimbursement
  • Retirement plans
  • Gym memberships
  • Career development opportunities

Your firm can also offer additional incentives such as bonuses for exceptional performance and other rewards based on the length of their employment.

It really is that simple.

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Friday Footnotes: KPMG Pays High Schoolers 20 Bucks an Hour; Deloitte Cyberattacked Too; IRS on ERC | 7.28.23 https://www.goingconcern.com/friday-footnotes-kpmg-pays-high-schoolers-20-bucks-an-hour-deloitte-cyberattacked-too-irs-on-erc-7-28-23/ Fri, 28 Jul 2023 21:00:33 +0000 https://www.goingconcern.com/?p=1000754538 Footnotes is a collection of stories from around the accounting profession curated by actual humans […]

The post Friday Footnotes: KPMG Pays High Schoolers 20 Bucks an Hour; Deloitte Cyberattacked Too; IRS on ERC | 7.28.23 appeared first on Going Concern.

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Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya.

News

Obituary of Jerome A. Seidman [The Scarsdale Inquirer]
Jerome A. Seidman of Scarsdale died July 20 at age 91. Born and raised in Brooklyn, he attended Brooklyn Technical High School, a trip of more than an hour on the trains each way. According to his family, he originally had planned to become a chemical engineer but changed to accounting because of ongoing prejudice against Jews. He graduated summa cum laude in accounting from Baruch College with numerous other academic awards and a continuing passion for wrestling, Ping Pong and handball. Upon graduation, Mr. Seidman joined the accounting firm of Apfel and Englander and thereafter enrolled in night school at New York University, where he earned a law degree and served on the law review. He was drafted into the army in 1952 and returned to the accounting firm in 1954. He remained at that same firm for more than 60 years and was a consistent fixture in management as the firm grew larger and larger though mergers until it ultimately became BDO USA.

INSIDE Public Accounting Releases Its Annual Rankings and Analysis of the Nation’s Largest, Fast-Growing Public Accounting Firms [INSIDE Public Accounting]
“The labor shortage is a major driver behind the behavior of the IPA 100 firms,” says Charles Hylan, managing director at The Growth Partnership, IPA’s parent company. “The combination of too few professionals and high demand is pushing firm leaders to merge up, outsource tax work and hire non-CPAs, among other strategies. They seem to be working so far, as firms are growing fast and producing impressive financial results. The question now is whether year-over-year growth of 18% will continue next year.”

Sinéad O’Connor told her children to call an accountant before an ambulance when she died [Metro]
Sinéad O’Connor had specific instructions for her kids in the event of her death. In a chat with People magazine in 2021, she revealed her children were well aware of her wishes when she died, and that her priority was to protect her work and not be taken advantage of. She explained that, in the event of her death, her accountant should be called even before the emergency services – ‘because when the artists are dead, they’re much more valuable than when they’re alive.’

Agoura Hills Accountant Pleads Guilty to Lying to Federal Officials Investigating Illegal Gambling Operation [DOJ]
An entertainment industry accountant pleaded guilty today to a felony charge for lying to federal law enforcement officials about his role in laundering illicit proceeds from an illegal gambling operation run by a former minor-league baseball player and which involved professional athletes. William Eric Fulton, 59, of Agoura Hills, pleaded guilty to one count of making false statements. According to his plea agreement, Fulton and his company provided bookkeeping, accounting, and tax preparation services for Wayne Joseph Nix, 46, of Newport Coast, a former minor-league baseball player who for nearly 20 years ran an illegal bookmaking business. Beginning no later than 2011, Fulton was aware that Nix ran an illegal gambling business. Nonetheless, Fulton knowingly laundered Nix’s illegal gambling proceeds by continuing to provide financial services to Nix and providing access to the financial system.

Big 4

Deloitte joins fellow Big Four MOVEit victims PWC, EY [Cybernews]
The New York City-based global auditing and accounting firm appeared alongside 55 other MOVEit victims named by the Cl0p ransomware gang Wednesday, but Deloitte says the impact on its systems is limited. This makes Deloitte the third Big Four accounting firm to be claimed by the threat actors on its dark leak site. Pricewaterhouse Coopers (PWC) and Ernst & Young (EY) were named by the gang on June 23rd, leaving KPMG International as the only Big Four company seemingly unscathed in the massive hacking spree. “Immediately upon becoming aware of this zero-day vulnerability, Deloitte applied the vendor’s security updates and performed mitigating actions in accordance with the vendor’s guidance,” the company said in a statement sent to Cybernews Thursday. “Our analysis determined that our global network use of the vulnerable MOVEit Transfer software is limited. Having conducted our analysis, we have seen no evidence of impact on client data,” a Deloitte Global spokesperson said.

$20 an hour, clothing stipend, meals: How a Big Four firm is trying to get teens interested in accounting [CNBC]
By her own admission, Autumn Kimborough, 17, didn’t have a passion for accounting. But the rising high school senior from Flossmoor, Illinois, heard about a well-paid summer internship at KPMG, which included a $250 clothing stipend, and got excited. For the first time, the Big Four accounting firm organized a three-week session geared toward high schoolers with the specific goal of encouraging younger adults to consider a career in the field, according to Jennifer Flynn, KPMG’s community impact lead. Nearly 200 teenagers are participating in the summer internship program, which pays $20 or $22 an hour plus clothing and transportation stipends and meals, and includes a business etiquette class, among other skill-building tools. “I had some preconceived notions that it’s sitting at a desk,” Kimborough said, about being a CPA. “Now I’ve learned that with accounting you can travel and meet people and that drew me in.”

This week in tax: PwC Australia confirms ATO settlement [International Tax Review]
PwC Australia has confirmed that it reached a confidential settlement with the Australian Taxation Office as the tax leaks scandal was engulfing the firm, reported The Guardian on Wednesday, July 26. The firm has not divulged the details of the settlement. However, the agreement was reached in March 2023 just before the full extent of the confidentiality breaches at PwC were disclosed. Until June, PwC Australia claimed that the tax leaks were contained to one former partner, Peter-John Collins, who is under criminal investigation by the Australian Federal Police. Finally on June 5, the firm named 67 members of staff who appeared in emails linked to the leaks. Treasurer Jim Chalmers has said he was not aware of the settlement. “The specifics of that arrangement wasn’t part of our consideration – obviously it is now – and we will talk to the ATO about it,” he told the Australian Broadcasting Corporation.

PwC and a question of character [The Monthly]
A thorough telling of the PwC tax scandal timeline.
Here are excerpts from an email sent on January 6, 2016, in which a senior partner is reporting on the success of the “north American project”.

“We got this outcome because:

we identified US tech two years ago as representing a significant (at least for controversy!) upside sector for the Australian firm as the ATO reacted to problems it had with their structures, and [we] diligently built relationships with key offshore buyers.

we were aggressive in telling these relationships they needed to act early (heavily helped by the accuracy of the intelligence that Peter Collins was able to supply and our analysis of the politics).

we were first to them with innovative approaches to the problem. ([redacted] was critical in stimulating their thinking and presenting ideas no one else had, especially in relation to the first draft of the law).

… In total, we expect (based on fee estimates that we have agreed with clients) that revenue from this first stage of the MAAL projects will be approximately $2.5 million … Our work has been efficient and seamless – we have received some excellent client feedback as to responsiveness, the quality of our work and the dedication of the team. I hope I haven’t missed anyone who was part of this great effort.”

Tax

IRS Audit Processes Can Be Strengthened to Address a Growing Number of Large, Complex Partnerships [GAO]
More businesses have been organizing as partnerships. This allows them to pass income and losses to their partners instead of being taxed as corporations. Between 2002 and 2019, the number of large partnerships—with over $100 million in assets and 100 or more partners—increased almost 600%. The IRS audit rate for large partnerships has dropped to less than 0.5% since 2007. About 80% of audits conducted don’t find tax noncompliance. This may suggest that IRS isn’t choosing the riskiest returns to audit or doesn’t know how to find noncompliance in these businesses.

To combat fraud, IRS steps up ERC claim enforcement [Journal of Accountancy]
The IRS and Treasury are looking at new ways to fight rampant fraud in employee retention credit (ERC) claims, including possible congressional action to move up the claim filing deadline and stricter oversight of tax preparers, IRS Commissioner Danny Werfel said Tuesday at a special roundtable session of tax professionals in Atlanta. Werfel stated that, having cleared the backlog of valid ERC claims, the agency is intensifying compliance work and putting in place additional procedures to deal with fraud in the program. According to Werfel, the IRS has increased audit and criminal investigation work on these claims, looking into both promoters and businesses filing dubious claims. The IRS has trained auditors examining the claims that pose the greatest risk of fraud, and the IRS Criminal Investigation division is identifying promoters of fraudulent claims, he said. “The further we get from the pandemic, we believe the percentage of legitimate claims coming in is declining,” Werfel said. Instead, the IRS is receiving more and more questionable claims, which the IRS is addressing by intensifying its compliance work, he said.

At Work

Accounting profession must collaborate to keep up with tech developments, experts say [AccountancyAge]
UK accountancy bodies and firms must work together to continue supporting individuals’ professional development amid the “unprecedented” pace of technological advancements, according to Gail Boag, executive director of learning at ICAS. ICAS will undertake a major chartered accountant syllabus refresh in 2024, with ethics, sustainability, and technology becoming an even more prominent part of its offering. Boag says the refresh will mean ICAS keeps up with the pace of technology, data, and sustainability, introducing new courses like data risk and technology and data analytics and insights. “The speed of change in the industry is unprecedented, and it is a real challenge for any professional qualification to be future-proofed. I do think we and other bodies manage it well. “Let’s not forget, we can’t lose sight of the fact that as a professional qualification, we have to ensure that we will always cover that core technical knowledge and the skills that students need to understand.”

Passed over for another business opportunity? It may be because of your accent [CNBC]
Globally, nearly one in five workers say they’ve been passed over for business trips — not because of costs or lack of seniority, but because of the way they speak. In a survey of 3,850 business travelers in 25 markets, 18% of men and 16% of women said they felt they lacked equal opportunities for business trips because of their accents, according to a report published in June by SAP Concur. The results were most pronounced in Asia-Pacific, with the highest percentage of people saying their accents had affected their work travel coming from Australia/New Zealand (31%), Taiwan (26%) and Southeast Asia (25%). Overall, the survey showed more people felt their accents played a bigger role in their work travel opportunities than their physical appearance, ethnicity or sexual orientation.

Audit

The Potential Pitfalls of Purported Crypto “Assurance” Work [SEC Chief Accountant Paul Munter]
Following the recent waves of scandal and insolvency in the crypto industry, there has been a renewed focus on the firms, including accounting firms, that have been retained by companies in the crypto-asset space—in particular, crypto asset trading platforms. Certain crypto asset trading platforms, with others in the crypto industry, have marketed to investors their retention of third parties, sometimes accounting firms, to perform some sort of review of certain parts of their business, often presented as a purported “audit.” As accounting firms increasingly engage in this sort of non-audit work, their clients’ marketing and terminology risks misleadingly suggesting that these alternative, non-audit arrangements are at parity with, or even more “precise” than, a financial statement audit. Such suggestions are false. Non-audit arrangements are neither as rigorous nor as comprehensive as a financial statement audit, and may not provide any reasonable assurance to investors. The hazards to investors associated with such characterizations have been publicized by the Commission staff, PCAOB staff, and others. This statement is directed primarily to the accounting profession, including new entrants into non-audit service work for crypto asset clients. Accounting firms that choose to perform work in this space must keep several obligations and hazards front of mind.

AICPA debuts new practice aid for tech-enabled auditing [Journal of Accountancy]
The AICPA Auditing Standards Board’s Technology Working Group has developed a new practice aid, Use of Technology in an Audit of Financial Statements, that emphasizes how technology should be seen as a key enabler, elevating audit effectiveness and efficiency for the future. “This practice aid is a very important tool to help auditors, especially those in small- to medium-sized firms, make full use of technology to drive efficient, effective and high-quality audits,” said Samantha Bowling, CPA, CGMA, chair of the Auditing Standards Board Technology Working Group and managing partner of Garbelman Winslow CPAs in Upper Marlboro, Md. “The Auditing Standards Board encourages firms to optimize the use of technology and we believe that relevant examples like those in the practice aid can help firms do that.”

‘Audit considerations for digital assets can be extremely complex’ [CPA Canada]
PwC’s Ryan Leopold shares his views on the audit challenges presented by digital assets and the need for solid safeguards and controls in the area

The post Friday Footnotes: KPMG Pays High Schoolers 20 Bucks an Hour; Deloitte Cyberattacked Too; IRS on ERC | 7.28.23 appeared first on Going Concern.

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Friday Footnotes: Ex-Deloitte Partner Stole Military Documents on His Way Out; KPMG Reveals Its Partnership Deed | 7.21.23 https://www.goingconcern.com/friday-footnotes-ex-deloitte-partner-stole-military-documents-on-his-way-out-kpmg-reveals-its-partnership-deed-7-21-23/ Fri, 21 Jul 2023 21:00:12 +0000 https://www.goingconcern.com/?p=1000744398 Footnotes is a collection of stories from around the accounting profession curated by actual humans […]

The post Friday Footnotes: Ex-Deloitte Partner Stole Military Documents on His Way Out; KPMG Reveals Its Partnership Deed | 7.21.23 appeared first on Going Concern.

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Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya.

News

Battle accountancy firm urges others to offer opportunities to Ukrainian professionals after successful placement [SussexWorld via Yahoo!]
Alternate hed: Woman flees war-torn Ukraine only to be put to work at an accounting firm
Challenges with speaking English mean many refugees struggle to find work in the professions they have trained in and can only find employment where language skills are not as vital, such as cleaning, Roy Holland, Partner at Holland Harper, was approached by a friend who is hosting Olha Nosan from Odesa to ask whether he could offer her any work. Olha is a trained accountant who fled Ukraine with her 13-year-old daughter after the war started. Olha demonstrated her skills to Roy and is now working two days a week at the firm helping prepare accounts and doing anything else that is required. “I only spoke one or two words of English when I arrived, but I’m working hard to improve by going to college and having a tutor. I am really enjoying my work at Holland Harper and have some very nice colleagues,” she said.

PCAOB Launches New Online Tools to Help Users Find and Compare Inspection Report Data [PCAOB]
The Public Company Accounting Oversight Board (PCAOB) Wednesday unveiled an array of website transparency enhancements that allow investors, audit committee members, and other stakeholders to better access and understand data from PCAOB inspection reports. Six new search filters, including Part I.A deficiency rate, are now live on the PCAOB’s Firm Inspection Reports page to help users analyze and compare more than 3,700 inspection reports. “PCAOB inspection reports provide investors, audit committees, and potential clients with important information they can use to make informed decisions. By making that information easier to find and compare, these new tools will empower users to hold firms accountable for producing high-quality audits,” said PCAOB Chair Erica Y. Williams. Previously, visitors to the PCAOB website could only search inspection reports by four filters: firm name, country/geography, year when a report was published (i.e., approved by the Board), and whether a report includes public quality control criticisms.

Miami Heat’s Duncan Robinson Jokingly Says He Has A New Job As An Accountant [Sports Illustrated]
Miami Heat forward Duncan Robinson was recently seen on the street having some fun with a content creator who asked him what he does for a living. When approached, a friend of Robinson’s said, “Accountant.” Then Robinson agreed. In the video, he then compared Robinson to former Heat center Kelly Olynyk, who also jokingly told the creator he was an accountant earlier this year. Robinson and the creator set off on some sarcastic conversation. The creator asked, “What’s the best part of your job as an accountant?” He responded, ‘I’m a big numbers guy,” which conveniently makes sense as Robinson signed a five-year, $90 million contract extension with the Heat. Robinson concluded his sarcastic remarks after being asked how much he makes in a year, to which he responded, “about 100 grand.”

Spokane Accountant Charged With 46 Counts of Embezzlement [KFLD]
US Eastern District Attorney Vanessa R. Waldref said between 2020 and 2023, 25-year-old Carol Casilla of Spokane worked for Spokane Dermatology Clinic (SDC) as an accountant, during which time she allegedly stole over $715,000 via fraud. The charges claim Casilla wrote checks to herself and did numerous electronic fund transfers into her account. She even created a fictitious company so the outgoing money appeared to be for legitimate expenses.

Shitposting on r/accounting has been so out of control in recent weeks one user compared it to the downfall of Going Concern. Thanks to that user for acknowledging there was once a time we were funny.

What % of these threads are real?
by u/DW_Handicapping in Accounting

Technology

TD Ameritrade, Ernst & Young, PWC MOVEit negotiations fail, data published [Cybernews]
The Cl0p ransomware gang is offering more than 3TB of sensitive data for sale – allegedly stolen from TD Ameritrade and Ernst & Young in the MOVEit zero-day attacks – all as retaliation for the companies’ lack of negotiation skills. Pricewaterhouse Coopers was also slammed by the gang after it was assigned its very own leak URL containing all of PwC’s published files. Ryan McConechy, CTO at cybersecurity service provider Barrier Networks pointed out that oftentimes it is a no-win situation for ransomware victims. “This is a worrying update for Ernst & Young and TD Ameritrade and clearly a situation both companies wanted to avoid. However, the incident does show that when it comes to negotiating with ransomware criminals, there is no winning,” McConechy said. “You are completely at their mercy and unless you do exactly as they request, they will act ruthlessly and try to shame you publicly, “ the explained.

KPMG Rolls Out Generative AI to Tax Pros, Launches Audit Pilot [Bloomberg Tax]
Inside KPMG, its tax professionals are leaning on generative artificial intelligence to help corporate tax departments prepare for new requirements to disclose their tax obligations by country. Its clients have been given access to that “virtual assistant” for help gathering tax data and guiding them through the analysis and drafting of reports on what taxes were owed around the globe. Those are just a few ways that KPMG’s $2 billion commitment already is integrating the next level AI into everyday business. The firm, leveraging its more than decade-long partnership with Microsoft, is tapping the tech giant’s Azure cloud platform and OpenAI, the creator of ChatGPT, to help its accountants and consultants provide faster insights. KPMG has said it would co-develop cloud and AI-based products for its employees and its clients—a five-year investment that the firm projects could return as much as $12 billion in revenue.

Firm Watch

Forvis exec in Charlotte on accounting firm’s post-merger milestones and what comes next [Charlotte Business Journal]
Forvis, whose name combines the words “forward” and “vision,” is the Charlotte area’s sixth-largest accounting firm. The combined company had about $1.4 billion in revenue last June, and it expects double-digit growth this year. Through the merger, Forvis has been better positioned to take on new employees and industries that BKD and DHG did not have as standalone companies. And Giddens said the firm’s fresh name and brand have attracted a wider variety of talent for the organization. “There were some things that legacy BKD did that legacy DHG did not do as much,” Giddens said. “Those things revolve around higher education practices and private client services. And vice versa, there were some things that DHG did that BKD did not do as well — things like serving … that Fortune 1000 space. So now, having both sides of the Mississippi River offering new service offerings has just really jump-started our ability to continue to hire individuals.” Forvis has added more than 500 employees to its team since the merger, for a total of about 6,000 members companywide. It has just over 500 employees based at its two Charlotte offices in SouthPark and uptown. Both locations are undergoing renovations to reflect the new brand. Giddens said the company is focused on maintaining a hybrid work model to provide flexibility for its employees.

Grant Thornton Dinged for Audit Supervision Failures in Review [Bloomberg Tax (paywall)]
Grant Thornton LLP partners missed audit shortfalls in areas involving fraud and other significant risks for engagements they ran, according to new details included in an extended version of the firm’s 2018 regulatory review. The US accounting firm didn’t address those and other concerns that inspectors flagged fast enough, resulting in the Tuesday release of the expanded report. The Public Company Accounting Oversight Board first issued the firm’s initial results two years ago. In response to the board’s findings, the firm has provided more “rigorous” training to staff and introduced updated quality controls among other changes.

Big 4

Senator calls for Deloitte to face fresh grilling over claims ex-partner David Milo shared military documents [ABC News (Australia)]
A federal senator says reports of a former Deloitte partner leaking confidential defense documents demonstrate the “threat” consulting firms pose to Australia. Former Deloitte consultant David Milo used confidential government documents to try and win work for his new consulting firm Synergy 360, according to Nine News reports on Thursday. In 2018, a year after leaving Deloitte, Mr Milo reportedly sent private military documents to Synergy 360 colleagues who were trying to win major military contracts at the time. In a statement, a spokesperson for Deloitte said it had made Defence aware of the matter. “It appears shortly before he left the firm David Milo transferred information from his Deloitte email to his personal email. Deloitte had no knowledge of this activity nor of these emails,” the statement read. “We take this discovery extremely seriously as it represents a breach of our policies and Mr Milo’s obligations.”

PwC partner sues to stop firm forcing him out over tax leaks [Australian Financial Review]
A veteran PwC Australia tax partner specialising in providing research and development incentive advice has become the first partner named by the firm over its tax leaks scandal to take legal action to stop the firm forcing him out of its partnership. Richard Gregg, who has been a partner at PwC since 2013, obtained a temporary injunction on Wednesday afternoon that prevents PwC from forcing him to “retire from the partnership of PricewaterhouseCoopers”, according to a court order. Mr Gregg was one of eight partners named in a PwC statement on July 3 who had “exited or [were] in the process of being removed from the partnership”. He alleges the firm named him publicly in the statement without warning and without giving him a chance to defend the allegations made against him by the firm.

Deloitte Loses $32 Million Award After KPMG Wins Fairness Suit [Bloomberg Tax (paywall)]
Deloitte & Touche LLP lost its $32 million financial services contract with the National Reconnaissance Office after a federal court called the agency’s process arbitrary and unfair to competitor KPMG LLP. The US Court of Federal Claims blocked the NRO from following what the court referred to as an “irrational” recommendation from the Government Accountability Office to perform a second review of the companies’ proposals after one senior consultant switched firms. The decision, unsealed Wednesday, further ordered that the agency may affirm its initial award to KPMG.

Deloitte moves to poach KPMG partners as Deal Street gets busy [The Economic Times]
Meanwhile in India…
Deloitte has moved to poach 15 partners from KPMG along with 130-150 professionals in the deal advisory space in one of the largest team movements among the Big Four in recent times. Rohit Berry, KPMG’s national head of deal advisory, is also moving to Deloitte along with Vivek Gupta, who heads M&A/private equity tax and family office practices for the firm. Sources in the know though said negotiations are still ongoing as KPMG is trying hard to retain the talent that’s leaving.

KPMG reveals partnership deed, in a big four first [Australian Financial Review]
KPMG Australia has taken the unprecedented step of allowing its partnership deed to be published, revealing partners can be given a one-time bonus payment worth up to a year’s income when they retire. The firm provided the “KPMG Australia Partnership Agreement 2022” to the Senate committee that is examining consulting, without requesting the document be made private. Its publication by the committee on Friday marks the first time in the local history of the big-four consulting firms that this usually tightly held material has been released publicly. PwC, which triggered the inquiry with its tax leaks scandal, has provided its agreement but asked the committee to keep it confidential. KPMG’s move will put pressure on Deloitte and EY to follow suit.

Tax

IRS moves forward with a new free-file tax return system, supporters and critics mobilize [AP via PBS]
An IRS plan to test drive a new electronic free-file tax return system next year has got supporters and critics of the idea mobilizing to sway the public and Congress over whether the government should set up a permanent program to help people file their taxes without needing to pay somebody else to figure out what they owe. On one side, civil society groups this week launched a coalition to promote the move toward a government-run free-file program. On the other, tax preparation firms like Intuit — the parent company of TurboTax — and H&R Block have been pouring millions into trying to stop the idea cold. The advocacy groups are exponentially out-monied.

Critics:

IRS should stop wasting money on its own tax filing software [The Hill Opinion]
The concept of giving the IRS the power to create and run its own tax filing system has been around since before the turn of the century. In 1995, the IRS signed an agreement with the National Technical Information Service to create Cyberfile and spent $17 million on the program before it was cancelled. As the Government Accountability Office (GAO) noted in its Aug. 26, 1996, report, Cyberfile “was poorly planned and managed.” Understanding that the federal government should not be in a business that was already being successfully provided by the private sector, Congress created the Free File program, which began operating in 2003. As former IRS Commissioner John Koskinen said in a Jan. 15, 2016, press release, “Free File software can walk you through the steps and help you get it right,” and “[t]he real winner in this partnership has been the nation’s taxpayers.” The 2023 program is available for taxpayers who earned $73,000 or less in tax year (TY) 2022. While nearly 70 percent of taxpayers during the TY 2021 filing season were qualified to use Free File, only 2 percent used it. That does not mean that the government should solve this “problem” by wasting tens of millions of dollars creating its own software program, it means that if there was improved outreach, more qualified taxpayers would likely use the free services.

Pop star Shakira to face second investigation over allegations of tax fraud in Spain [NBC News]
A court near Barcelona, Spain confirmed it has opened an investigation into a second case of alleged tax fraud by international pop star Shakira. A complaint from the Prosecutor’s Office accuses the Colombian artist of defrauding the Tax Agency in personal income taxes and assets for the 2018 financial year. At the time, Shakira was residing in Barcelona with her ex-partner and retired soccer player Gerard Piqué and her two sons. She is now living in Miami with her children after the couple ended their 11-year relationship. As of Thursday morning, the singer “had not received any formal notification of the Prosecutor’s complaint,” a Shakira spokesperson stated in an email to NBC News.

£140m of fraud and error in R&D claims by UK manufacturers [Drives & Controls]
A new report from HMRC has revealed that small and medium-sized manufacturing firms were responsible for £140m of fraud and error in R&D tax relief claims during 2020-21. HMRC has revised its estimates of error and fraud by sector and this shows that almost a third (31%) of R&D claims by manufacturing SMEs were either wholly or partially “non-compliant”. According to the report, there were 18,500 claims for R&D tax relief by SME manufacturers in 2020-21, with a total value of £820m. Of these 6% were found to be totally non-compliant and 25% partially non-compliant.

Opinion

Why we should stop demonising consultants [Australian Financial Review Opinion]
By Tom Burton, government editor
Call me a contrarian, but Canberra’s jihad against consultants has turned into an ideological battle over outsourcing and apparent calls for the public sector to have its monopoly over advice to ministers reinstalled. A fight between Labor and Greens senators to impale first PwC, and now the big consulting houses, has become a McCarthy-like vendetta, as senators express indignation at how well consultants are paid, and allege – largely unspecified – conflicts of interest. There is no doubt PwC should be held responsible for monetising its egregious Treasury confidentiality breach. But despite months of hearings, there has been little evidence to support the notion that somehow big consulting has been the source of the collapse of the Westminster government as we know it.

Comments are turned off for Footnotes so we don’t have to moderate them over the weekend. If you have something to say about stories included here you are welcome to contact the editor.

The post Friday Footnotes: Ex-Deloitte Partner Stole Military Documents on His Way Out; KPMG Reveals Its Partnership Deed | 7.21.23 appeared first on Going Concern.

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Friday Footnotes: EY Pulls Out of Winston-Salem; Clients Exposed in Data Breach; Deloitte Olympians | 7.14.23 https://www.goingconcern.com/friday-footnotes-ey-pulls-out-of-winston-salem-clients-exposed-in-data-breach-deloitte-olympians-7-14-23/ Fri, 14 Jul 2023 21:00:33 +0000 https://www.goingconcern.com/?p=1000733925 Footnotes is a collection of stories from around the accounting profession curated by actual humans […]

The post Friday Footnotes: EY Pulls Out of Winston-Salem; Clients Exposed in Data Breach; Deloitte Olympians | 7.14.23 appeared first on Going Concern.

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Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya.

The Office

Ernst & Young out of Triad market after closing Winston-Salem office [Triad Business Journal]
The Triad now has offices for only two of the Big Four global accounting firms. EY has moved out of about 4,000 square feet at the Winston-Salem Foundation building at 751 4th St. NW, Triad Business Journal has learned. EY closed an office in Greensboro in 2009. John Reece, the managing partner of building owner Tight Lines Partners LLC, confirmed that EY moved out at the beginning of May. A message left for the EY media relations team was not returned Thursday afternoon. The closure leaves KPMG and PricewaterhouseCoopers as the only Big Four firms with offices in the Triad, both in Greensboro (North Carolina).

Accounting firm Moss Adams expands Houston office in Brookfield Properties’ One Allen Center [Houston Business Journal]
Moss Adams renewed its lease in One Allen Center at 500 Dallas St., opting to occupy 21,118 square feet in the office tower through 2035. That represents nearly all of a 28,969-square-foot floor in the tower. Brookfield Properties declined to disclose how much of an increase the new lease will be, but the accounting, consulting and wealth management firm will move to a new location within the building.

Offices and workplaces gradually becoming busier, EY study finds [The Irish Times]
Offices and workplaces around the world are gradually becoming busier, leading to a noticeable increase in public transport usage, according to a study by EY. The latest EY Mobility Consumer Index, which is a global index of over 15,000 people in over 20 countries, finds more than half (52 per cent) of workers report some form of hybrid work – up significantly from the one in three (33 per cent) reporting hybrid work pre-pandemic. For those working in a hybrid manner, one or two days of remote work per week is the most common arrangement.

Recruiting

Career Services: Back At It [Pace University]
Career Services wrapped up the Spring 2023 semester with the first-person job and internship fair since the start of the COVID-19 pandemic. Best of all? There was record-breaking student turnout, making it the largest job fair in Pace’s history. Hundreds of students turned out for the fair to meet and connect with representatives from more than 150 companies, including Barclays, Morgan Stanley, Regeneron Pharmaceuticals, US Department of State, Internal Revenue Service, Con Edison, Deloitte, US Environmental Protection Agency, Montefiore, Northwell Health, and the Federal Bureau of Investigation, among many others. The fair was open to all majors and was sponsored by PricewaterhouseCoopers (PwC), which is among the Big Four accounting firms, offering clients various professional business services, including accounting, auditing, human resources consulting, and strategy management.

DLA, LLC Announces Hiring of Managing Director [Business Wire]
DLA, LLC announces that John Weber will be joining the firm as a Managing Director of Accounting Advisory, Technical Accounting. John Weber has over 30 years of experience in accounting specializing in complex technical accounting matters and financial reporting for public and private companies. Prior to joining DLA, John served as a Partner with two National professional services firms, where he was the subject matter expert on business combinations, impairment analysis, income tax accounting, stock compensation, revenue recognition, and going concern analysis.

Big 4

PwC to ban political donations over tax leaks scandal [Australian Financial Review]
PwC Australia will cease most of its political donations as part of a plan to rehabilitate its public image amid the ongoing tax leaks scandal, depriving the major political parties of contributions worth an average of more than $200,000 a year.

From Olympic Day to 1 Year to Go: Deloitte kicks off month-long programme to ‘ignite the champion within’ its people [International Olympic Committee]
Worldwide Olympic Partner Deloitte marked Olympic Day Let’s Move initiative on 23 June with the launch of an exciting month-long programme of Olympic-themed activities for its 415,000+ people, helping them to “ignite the champion within” leading up to the one-year-to-go milestone for the Olympic Games Paris 2024. To kick off the campaign, Deloitte hosted a webinar on Olympic Day, focusing on the significance of movement and mental health as part of a holistic approach, exploring what it takes to be an elite athlete and how many of those practices help them beyond sport to find balance and purpose in both their professional and personal lives. The 45-minute webinar, titled “Exploring the Elite Mindset”, featured Deloitte US Chief Well-being Officer, Jen Fisher, as the host, with insights from renowned Australian athlete Natalie Cook OAM OLY, gold-medalist, and five-time Olympian in beach volleyball and Ian Dors, US Paralympic triathlon Paris 2024 hopeful.

EY China locked in dispute with global bosses over IT costs [Financial Times]
EY’s Chinese business has been refusing to pay fees owed to the Big Four firm’s global headquarters for more than a year in a dispute over IT services that it says cannot be fully used in China, according to people familiar with the matter. The tussle is playing out just as stringent new laws from Beijing require that more data considered of importance to national security be kept inside the country, prompting some western companies to examine the option of hiving off their Chinese IT operations. “Greater China is able to use less of the tech stack than expected, given that the regulatory environment has changed,” said one person familiar with the negotiations. Outstanding fees owed by the Chinese business have been mounting for more than a year, according to two people familiar with the dispute.

Clop Crime Group Adds 62 Ernst & Young Clients to Leak Site [BankInfoSecurity]
The Clop ransomware group’s supply chain attack on the popular MOVEit file transfer software leaked 3 terabytes of critical information about Ernst & Young clients including financial reports and accounting documents in client folders, passport scans, Visa scans, risk and asset management documents, contracts and agreements, credit agreements, audit reports and account balances. Most of the recently named victims are from Canada and include Air Canada, Altus, Amdocs, Constellation Software, EY-Continental Transition, Laurentian Bank of Canada, LendLease, Sierra Wireless, SSC Fraud Risk Assessment, St. Mary’s General Hospital Surgical Services Review, Staples Canada, Sun Life Assurance of Canada, United Parcel Service Canada Ltd. and more.
Earlier: EY and PwC Among the Many Entities Caught Up in the MOVEit Cybersecurity Breach Ransom

Practice

What CPAs Need to Know about Employee Retention Credit Fraud [The CPA Journal]
Most taxpayers have likely received a solicitation recently claiming that they may be entitled to thousands of dollars in employee retention tax credits. The solicitations involve the Employee Retention Credit (ERC), a payroll tax credit created by the Coronavirus Aid Relief and Economic Security (CARES) Act that has been credited with preserving millions of jobs during the pandemic. According to the IRS, many of these solicitations are offering credits that are “too good to be true”—in some cases, they are downright fraudulent. The IRS is targeting these ERC schemes aggressively. Within the past month, it has issued its third warning to taxpayers to be wary of ERC promoters, singled out ERC fraud on its 2023 “Dirty Dozen” list of abusive tax schemes, and issued guidance, doubling as warnings, to tax professionals with respect to the requirements of Circular 230 as applied to ERC claims. Criminal prosecutions have begun, and promoter investigations and congressional investigations are likely to follow.

ICYMI: Writing advanced Excel macros with ChatGPT-4 [Journal of Accountancy]
With the right prompts, natural language AI can create complex macros to automate processes like data cleansing, data summarization, carrying out intricate computations, building PivotTables, and producing unique reports. While most of the generative AI tools can probably create macros, this article focuses on how to write prompts for OpenAI’s GPT-4 to create complex Excel macros.

Data volumes and quality ‘crucial’ to AI success in accounting firms [AccountancyAge]
Accountancy firms must better organise their data to maximise the potential of artificial intelligence (AI), according to Becky Shields, head of digital transformation at Moore Kingston Smith. “A lot of businesses need to work on their data strategies as they’re too siloed at the moment,” she says. “The data is there but it’s not organised or catalogued effectively.” Shields believes firms shouldn’t embrace AI until their data has been properly curated as the AI models could be learning from inaccurate information.

Accounting and legal firms should commit to an internal ESG strategy to better position themselves for advisory work [Thomson Reuters]
Tax & accounting firms are in a good position to gain a competitive advantage in advisory work in the environmental, social & governance (ESG) area because firms have the expertise to dominate in both the accounting and audit areas that are at the center of certain new regulations. In addition, tax & accounting firms are more likely to focus on financially material issues — including data governance management — given their IT governance expertise. At the same time, both tax & accounting and legal services providers have a ways to go in executing their own internal ESG strategies, even as client demand for this information through the procurement process is exploding. Indeed, I constantly have to remind firms that their own house has to be in order, because one of the first questions a prospective client is going to ask is, “What are you doing for ESG within your own firm, if you are here to advise me?”

News

Crypto’s Game-Changer: Triple Entry Accounting [The Street]
In a recent roundtable discussion, Luke Stokes, a prominent Crypto Evangelist, and Rob Nelson, The Roundtable anchor, provided unique insights into how cryptocurrencies and blockchain technology are reinventing our societal structures, with profound implications for finance, supply chain management, and beyond. The concept of trust in transactions was central to Stokes’ explanation. “The big difference with this new system is that they call it triple entry accounting. Most people are familiar with double entry accounting. You have credits, you have debits, and they have to balance out. The third part of it is validation,” he said, emphasizing the role of global validators in the blockchain ecosystem who make sure transactions are true.

The post Friday Footnotes: EY Pulls Out of Winston-Salem; Clients Exposed in Data Breach; Deloitte Olympians | 7.14.23 appeared first on Going Concern.

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Friday Footnotes: A Plea for More Accountants; Ex-Client Settles With Deloitte; BDO and Mazars Bomb Audits | 7.7.23 https://www.goingconcern.com/friday-footnotes-a-plea-for-more-accountants-ex-client-settles-with-deloitte-bdo-and-mazars-bomb-audits-7-7-23/ Fri, 07 Jul 2023 21:00:50 +0000 https://www.goingconcern.com/?p=1000722734 Footnotes is a collection of stories from around the accounting profession curated by actual humans […]

The post Friday Footnotes: A Plea for More Accountants; Ex-Client Settles With Deloitte; BDO and Mazars Bomb Audits | 7.7.23 appeared first on Going Concern.

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Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya.

Talent

Dear Recent Grads: Accounting is Cooler Than You Think [LinkedIn]

A tipster sent in this recent LinkedIn post by CBIZ president Chris Spurio, calling it “tone deaf” and “dishonest.” Added our tipster, “No mention of the long hours (that everyone on earth is acutely aware of) or the modest salaries that await in the industry. No mention of the boring nature of likely tasks such as control testing and cranking out returns.”

We just want to call attention to the image he chose. Working from the beach, so fun.

 

Fixing the Crisis in Accounting [The CPA Journal]
Related to the above post:
Individuals, companies, and professional organizations need to be more intentional in getting young people excited about joining the accounting profession. Accounting is the language of business: If you understand this language, you can work creatively across the world of finance. CPAs are now involved in strategic planning, finance, human capital and people management, and technology, and are taking leadership roles in all these areas. This broad horizon of opportunities is what needs to be emphasized in any outreach to students and to CPA exam candidates. Success in the accounting profession requires significant investments of time, dedication, and perseverance. The field is rapidly evolving, thanks to emerging global opportunities, ever-changing regulatory requirements, and complex new business models. Businesses will continue to need greater numbers of accounting professionals. We must be ready to commit to dismantling the hurdles that impede entry into the profession. Only in doing so will we be able to attract the talented, motivated CPAs needed by the businesses of today—and tomorrow.

Graduates may lose job offer at KPMG as a result of marking boycott [The Tab]
Might need a British to American dictionary for this one.
Students who have secured places on competitive KPMG graduate schemes may lose their job offers as a result of the ongoing marking boycott taking place at almost every UK university. A spokesperson for the firm told The Tab: “We are continuing to monitor the situation and will review options for those that might be impacted on a case-by-case basis, helping to minimise the potential impact as far as possible.” Lecturers have been refusing to carry out marking and other assessment work like exam invigilation since April, leaving students without grades. This follows weeks’ worth of strikes earlier this academic year, as staff are in an ongoing campaign for better pay and pensions.

Millennial and Gen Z employees are rejecting assignments, turning down offers, and seeking purpose. Here’s what they expect of their employers, according to Deloitte’s latest survey [Fortune]
Having tracked the priorities, concerns, and motivations of the youngest generations in the workforce for the last 12 years, the annual Deloitte Global Gen Z and Millennial Survey has revealed a consistent theme: Young employees want their employers’ values to be aligned with their own–and they want to drive societal change through purposeful and meaningful work.

PwC Tax Scandal

PwC tipped off Google on timing of Australian tax law [Financial Times]
A Google employee received an email from a PwC partner in August 2015 that said Canberra would be pressing ahead with a tax clampdown on multinationals the following year, despite pressure to delay the new legislation. PwC last month disclosed details of the email to lawmakers, with the name of the company redacted. The firm said the company was unaware the information was confidential. Google confirmed it was the company involved following a Reuters report on Wednesday. “While it is disappointing to learn that PwC had inappropriately shared information, it had no bearing on our compliance with the Multinational Anti-Avoidance Law,” Google said, referring to the 2015 legislation. The company added that changes Google made to its tax structure in Australia were done after the new law was passed and after engaging directly with the Australian Taxation Office, rather than simply on the advice of PwC.

Uber, Facebook linked to PwC Australia tax schemes based on leaked government plans [Reuters]
There’s more…
PwC Australia advised Uber and Facebook how to restructure in face of an Australian law clamping down on tax avoidance, but both companies said on Friday they were surprised to find out PwC’s advice may have been based on leaked government plans. Uber and Facebook on Friday said they had received advice from PwC Australia about the law. Facebook said it turned to PwC after the draft legislation was released, which was in September 2015, while Uber did not spell out the timeline of when PwC began advising it. However, both companies expressed surprise about the firm’s breaches of government confidentiality. “We had no knowledge their advice may have been based on improperly obtained information,” an Uber spokesperson said.

Allegro says independent board to oversee PwC Australia’s government business [Reuters]
Australian investment firm Allegro Funds said on Tuesday it would set up an independent board to oversee PwC Australia’s government practice business, which it bought last month, and committed A$100 million ($67 million) for transition costs. Allegro said it had reached a binding term sheet on the sale, with the new business to be called Scyne Advisory and fully independent of PwC. It will have about 1,750 employees. An ethics subcommittee will also be created, chaired by a former judge of the Federal Court of Australia, to check on the probity of employees joining Scyne Advisory, as well as future conflicts and code of conduct. Members of PwC’s government health infrastructure and defence, and trust and risk practices will lead Scyne Advisory in the short term, before a CEO search is conducted by the board and the leadership team appointed.

News

Chris Rokos reaches settlement with Deloitte over £40mn tax bill [Financial Times]
Hedge fund manager Chris Rokos has reached a settlement with Deloitte over claims he received bad advice on a failed investment scheme that left him with a £40mn tax bill. The billionaire had sued the Big Four firm in London’s High Court, alleging Deloitte was in breach of its duties when it advised him on an enterprise zone investment 14 years ago in north-east England.

Study: Deterrence a major factor in bringing in more money from IRS audits [Journal of Accountancy]
The deterrence effect of IRS audits plays a major role in putting more money in the nation’s coffers, and this effect is especially striking for the highest-income filers, according to a paper by researchers at Harvard University, the University of Sydney and Treasury. The paper, “A Welfare Analysis of Tax Audits Across the Income Distributed,” published in June, is based on an analysis of about 710,000 in-person audits of individuals from 2010 to 2014. The researchers found that an additional $1 spent on audits of top earners (taxpayers above the 90th income percentile) brings in over $12 in revenue. In comparison, audits of below-median income taxpayers yield $5, the paper said.

Audit

US Renews Audit Inspection of China Firms as Tensions Mount [Bloomberg]
US audit officials have started a fresh round of inspections of New York-listed Chinese companies in recent weeks as tensions mount between the world’s two largest economies. The Public Company Accounting Oversight Board sent a team to Hong Kong last month to review 2022 audit reports of some of the most high-profile Chinese stocks listed in the US, according to people familiar with the matter who asked not to be identified discussing private information. About a dozen Chinese firms will be inspected this time, including Tencent Music Entertainment Group, Didi Global Inc. and NetEase Inc., said the people. That’s a bigger batch than the inaugural round in the third quarter last year, they added.

UK regulator tells auditors to justify ditching risky clients [Reuters]
Britain’s auditing watchdog warned accountants on Thursday that they risk breaching a recently introduced industry code if they shy away from checking the books of problematic companies, such as those deemed to have weak management controls. The Financial Reporting Council (FRC) said its new audit firm governance code, which came into effect in January, states that auditors must take account of the public interest when they take on or decline work. “We will be concerned in situations in which the firms that are the most competent and capable to undertake an audit either resign, do not re-tender, or decline an invitation to tender with no consideration of the public interest implications,” the FRC said in its annual health check of audit quality at seven firms.

UK regulator calls out BDO and Mazars for ‘unacceptable’ shortcomings [Financial Times]
The UK accounting regulator has criticised BDO and Mazars for “unacceptable” shortcomings in their audits, underlining the challenge the groups face in loosening the grip of the Big Four firms on the market. In its annual review of audit quality, the Financial Reporting Council highlighted the recurring failings of the two firms while also acknowledging the progress they had made over the past year.

Practice

Navigating transformation in an established CPA firm [Wolters Kluwer]
Taking the lead at an established CPA firm, as opposed to starting a new firm from scratch, has plenty of benefits. However, an established firm will already have an established culture, so new leaders will need to approach any transformation strategically. To ensure a successful transition and set yourself up for future growth, consider these four key steps.

The post Friday Footnotes: A Plea for More Accountants; Ex-Client Settles With Deloitte; BDO and Mazars Bomb Audits | 7.7.23 appeared first on Going Concern.

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If We Believe This Report, Talent Is No Longer Firms’ Number One Priority https://www.goingconcern.com/if-we-believe-this-report-talent-is-no-longer-firms-number-one-priority/ https://www.goingconcern.com/if-we-believe-this-report-talent-is-no-longer-firms-number-one-priority/#comments Wed, 28 Jun 2023 15:37:56 +0000 https://www.goingconcern.com/?p=1000706807 According to the recently released Thomson Reuters 2023 State of the Tax Professionals Report [PDF], […]

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According to the recently released Thomson Reuters 2023 State of the Tax Professionals Report [PDF], talent is no longer firms’ most important priority. This is a significant shift from last year (see also: Finding/Retaining Staff and Challenges Working With the IRS Are Top PITAs for CPA Firms, Says AICPA Survey) that could mean the so-called accountant shortage is over or it could be that firms have had long enough to figure out how to make things work with the existing resources they have that they don’t care as much about talent. If recent layoffs and delayed start dates are any indication, it’s likely the latter.

First, the chart. Priorities are aggregated by number of mentions from surveys of more than 500 tax leaders around the world and grouped by theme:

Here’s another. Ignore that we skipped Figure 2, it’s coming.

The report clarifies that just because talent slipped to the fourth spot overall it doesn’t mean firms no longer care about it. Big firms absolutely do.

“It should be noted that although the order of priorities may have changed, this doesn’t necessarily mean firms care any less about any given priority, it’s just that respondents’ primary focus may have shifted,” says the report. “As a practical matter, all of these priorities are inter-related, and the statistical difference between the top three priorities, for example, is only a few percentage points. And although finding and developing talent did drop from the top spot to the fourth spot overall due to input from small and midsize accounting firms, the hunt for talent is still very much a top priority at large firms.”

For firms with 30 or more people (Large firms in Figure 2 below), recruiting, developing, and retaining talent is still the highest priority. But at what the report defines as Midsize firms (between four and 29 people), the top priorities are efficiency and client service.

With talent out of the way, let’s talk about client service. “The prioritization of client services is especially evident at midsize accounting firms, where both individual and business clients are asking their accountants to play a more active advisory role,” the report says. “Midsize firms see expanding their services into areas such as tax strategy, financial planning, and business guidance as a key growth strategy, both to differentiate themselves from small-firm tax preparers and to compete with larger accounting and auditing firms, most of which already provide such services.” Three years ago we might say you need talent to expand into advisory areas but the report reminds us that technology and a seemingly unlimited supply of overseas accountants can get at least some of the work done. Too bad there isn’t actually an unlimited supply of overseas accountants.

Wrapping things up here:

Overall, the results of our 2023 report suggest that in the face of a possible recession, accounting firms are looking for ways to streamline their operations — through both process re-evaluation and the adoption of new technologies — and doing what they can to position themselves for growth in 2023.

To be sure, tax leaders are still dealing with a serious labor shortage, but they are also pursuing alternative strategies to achieve their goals, including greater investment in tax technologies, better training on existing systems, outsourcing, and even freelance contractors. Client demand for a broader range of advisory services and more flexible pricing models is also driving decision-making going into 2023, as is competition for higher-quality clients and the need to hire, develop, and retain experienced tax professionals at all levels.

RIP workers’ market, we hardly knew ye.

Thomson Reuters Institute 2023 State of the Tax Professionals Report [PDF]

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Friday Footnotes: PwC’s Head of Reputation Quits; KPMG’s New Commercial; EY Split Still on the Menu | 6.9.23 https://www.goingconcern.com/friday-footnotes-pwcs-head-of-reputation-quits-kpmgs-new-commercial-ey-split-still-on-the-menu-6-9-23/ Fri, 09 Jun 2023 21:00:34 +0000 https://www.goingconcern.com/?p=1000678219 Footnotes is a collection of stories from around the accounting profession curated by actual humans […]

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Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya.

Dumpster Fires

PwC’s head of reputation quits as firm’s horror show continues [WAtoday]
The public relations department of embattled consulting giant PwC has not been a happy place of late. And as the horror show surrounding the firm’s misuse of confidential tax data refuses to go away, the team will now have to manage without its leader. PwC’s head of reputation Rory Grant told colleagues on Thursday afternoon that he was calling it quits after three years in the role.

PwC’s tax scandal victims pile up [Australian Financial Review]
It was Wednesday evening when the full cost of PwC Australia’s position began to dawn on the firm’s senior employees – the kernel of true believers on the brink of realising their life ambition to become partners at Australia’s biggest accounting firm.

PwC’s brand had already taken another drubbing earlier in the day at the Senate consultants inquiry. And two days earlier, acting chief executive Kristin Stubbins had revealed the names of four former partners who appeared in the internal emails that triggered the crisis that has devastated the firm, and flagged that 63 more former and current PwC people also were in the messages.

The decision to name the four former partners – none of whom had been warned of Stubbins’ move – gave the announcement an air of casual brutality, conjuring an image more like throwing chum from a shark boat.

But it was only on Wednesday evening, as the clock ticked past 6pm, that the almost 50 senior staff waiting to be confirmed as partners realised the depth of what they must have seen as betrayal and that their dream might be denied.

Originally, they had been told that the list of new partners was due for approval by the board on Tuesday before a formal announcement would be made by close of business Wednesday.

What they instead received as the night wore on were hastily arranged calendar bookings for the following day when they would be formally told that the promotion round was being delayed.

It raised a basic issue: with the financial payouts the firm is facing as partners including former CEO Tom Seymour leave, together with lost government and corporate business, can PwC afford new partners?

Big 4

Should scandal plagued PwC take the lead and split its advisory unit off from auditing? [Herald Sun]
PwC’s global boss Bob Moritz, insisted that keeping both the auditing business and the advisory division – which gives deal and tax advice, and consulting services – gave it a competitive advantage. Last year, when unveiling record revenue of close to $US50bn, Mr Moritz said having both auditing and advisory helped the firm attract staff, which was a greater challenge than managing conflicts. “Our bet is basically that we feel comfortable about managing those risks,” Moritz told The Financial Times.
Shockingly, the PwC global chairman would have – or at least should have – known about the tax leak scandal in Australia at the time of that interview – even if the public didn’t. Now, the odds may have changed.

How Deloitte uses staff debates on the firm’s most controversial decisions [Quartz]
A look inside conflict resolution at Deloitte Consulting.
Fear of conflict at Deloitte has been drastically reduced simply by hashing things out, says Deloitte Consulting CEO Dan Helfrich. Now he’s much more likely to see employees acknowledging that decisions are difficult instead of begrudging them. Helfrich hopes other companies normalize talking through the tough issues and is excited to share his firm’s learnings.

KPMG’s new TV commercial: We See You [via AdAge]

Revealed: Labour taking free staff from scandal-hit consulting firms [openDemocracy]
UK’s Labour party went cap-in-hand to two scandal-hit consultancy firms that its own shadow chancellor said should be broken up, openDemocracy can reveal. The party has quietly accepted more than £230,000 worth of free staff from ‘big four’ accounting firms PricewaterhouseCoopers (PwC) and Ernst & Young (EY) since Keir Starmer took over as leader in 2020.

EY CEO Sees Revisiting Potential Spin-Off in a Few Years [Bloomberg News]
EY Global Chairman and CEO Carmine Di Sibio says the firm’s abandoned spin off of its global consulting business still makes sense and will likely be revisited “in a few years.” He speaks on “Bloomberg Markets Europe.”

Tax

The IRS is cracking down on a popular small business tax break that could lead to a costly audit [CNBC]
A cottage industry of specialist firms has sprung up to help business owners claim the Employee Retention Credit (ERC), a governmental tax incentive intended for companies stressed by the pandemic. But businesses need to be careful not to get hoodwinked. There are strict eligibility requirements for the ERC — one way it can be claimed is for wages paid during pandemic periods when gross receipts declined — and many owners may not really understand the criteria. This means they could inadvertently gloss over the opportunity and lose out on credit of up to $26,000 per employee. Or, they could easily be duped by dodgy providers into improperly seeking money they aren’t entitled to — with a hefty fee attached, of course — and likely ramifications down the road. The problem is particularly pervasive given how easy it is to file for the credit and dupe small businesses in the process, said Donald N. Hoffman, a partner with Eisner Advisory Group. “Every business owner is getting dozens of emails and mail and being bombarded by television ads,” he said.

Hosing Bautista: Why the CRA is going after former Blue Jays for millions in taxes [National Post]
Although the facts differ in their battles with the CRA, they share a common issue that experts say could have a chilling effect on Canadian sports teams’ ability to attract top international athletes: How non-resident high earners can protect their income and mitigate Canada’s high taxes. Specifically, the tax agency is challenging how much income the players can deduct from their taxes through contributions to a form of pension plan through an employer called a Retirement Compensation Agreement (RCA). None of the allegations have yet been tested in court. Pensions, especially for pro athletes with short careers, are a crucial benefit. RCAs are commonly used by high-earning athletes and top executives recruited by Canadian organizations. It defers tax payments and isn’t subject to strict contribution limits like an RRSP. The taxpayer is allowed to contribute a “reasonable” amount to their RCA every year, but the CRA withholds half of it in a fund that cannot be invested.

Firm Watch

Moss Adams Appoints Jen Wyne as Chief Talent Officer [Moss Adams]
She will be Moss Adams’ first Chief Talent Officer, serving as director and executive director of human resources prior to her promotion to the newly-created position of CTO
Wyne brings over 30 years of people management experience to the new C-level role at Moss Adams. More is being asked of accountants, auditors and financial service providers than ever before. Ever-changing tax legislation and standards add ongoing complexity to the profession. These factors, combined with a competitive landscape, decreasing talent pipeline and technological disruption, heighten the need for the CTO role at Moss Adams.

Technology

What AI threat? Most U.S. white-collar workers welcome the technology, survey finds. [MarketWatch]
While most workers don’t consider generative AI an immediate threat to their jobs, they do want to learn how to use the technology, according to a survey KPMG conducted with 1,035 white-collar professionals in April and May and released Thursday. Among those surveyed, 57% don’t think generative AI poses an immediate threat to their jobs, and only 19% are “highly concerned” the technology will make their role “irrelevant.” Meanwhile, 40% feel that they have more than a year before AI endangers their job. Most Americans are eager to learn AI skills on the job, though just 42% rate their company as doing a good or excellent job, KPMG said. “People are generally optimistic and looking for more upskilling on AI,” Sandy Torchia, KPMG’s vice chair of talent and culture, said in an interview. “They want more training to create content, conduct research and generate code more easily.”

Microsoft partners with PwC and EY to promote AI safety [CFO Dive]
Microsoft is partnering with PwC and EY to help mutual customers deploy responsible AI systems using the two consulting firms’ comprehensive best practices, Microsoft announced Thursday. As part of a broader effort around AI guardrails, Microsoft has committed to sharing knowledge about developing and deploying AI responsibly; creating an AI assurance program; and giving support for responsible implementation. “We know that these commitments are only the start, and we will have to build on them as both the technology and regulatory conditions evolve,” Antony Cook, corporate VP and deputy general counsel at Microsoft, said in the announcement.

CPA.com Launches Multi-part Generative AI Initiative [PR Newswire]
CPA.com has initiated a series of thought leadership activities aimed at accelerating the profession’s understanding of generative AI, including how it works with specific use cases within tax, audit, client advisory services (CAS), finance, practice management and marketing. With that insight, CPA.com is also developing practical tools and resources—as it’s done with other emerging technologies and categories including the cloud, blockchain and ESG—to empower firms to assess the potential of generative AI in their practices.

Audit

PCAOB amends auditor requirements for reporting noncompliance [Journal of Accountancy]
The PCAOB on Tuesday issued an amendment designed to strengthen auditor requirements to identify, evaluate, and communicate noncompliance with laws and regulations. Comments on the proposal will be accepted through Aug. 7. “By catching and communicating noncompliance sooner, auditors can help companies course-correct and better protect investors from risk,” PCAOB Chair Erica Williams said in a news release. The proposal would amend Auditing Standard (AS) 2110, Identifying and Assessing Risks of Material Misstatement, and other auditing and related professional practice standards. The proposal also would replace AS 2405, Illegal Acts by Clients, and retitle the standard A Company’s Noncompliance With Laws and Regulations.

The future of audit technology, part 3: larger firms [ICAEW]
As audited companies become increasingly data rich, new technologies are helping larger audit firms to hone the quality, accuracy and insight of their audits.

Law and Order

Paisley business owner accused of stealing data from previous employer [Renfrewshire Gazette]
A manager at an accountancy firm allegedly swiped data from his employers after setting up a new business. Liam McCreath is claimed to have taken details of clients belonging to Nicolson Accountancy in Glasgow on September 15, 2020. Co-founder Susan Nicholson stated that McCreath worked his way up the company and was appointed a tax manager. She said: “Anything that would be said would go through Liam, he was thought to be our number two. Susan stated that McCreath’s work ethic slowed down during the pandemic after being tasked to complete tax returns for clients. She said: “Until that point, we didn’t have trust issues with him, we thought he was working for the good of the business. He pushed me a couple of times for me to furlough him and we said no as we felt we needed him to get in contact with the clients and do the tax returns.”

SEC Mix-Up Leads It to Drop Cases Tied to KPMG Cheating, Cochran [Bloomberg Tax]
The SEC dismissed enforcement actions involving several high-profile securities cases, including those involving two people at the center of KPMG’s cheating scandal and several cases that wound up before the Supreme Court. All 42 dropped cases, which involved the agency’s administrative law judges, were caught up in a server issue that allowed enforcement staff access to information meant for adjudication staff, according to an order [PDF] the Securities and Exchange Commission posted Friday.

Talent

Va. Board of Accountancy elects next chair [Virginia Business]
Wendy P. Lewis, a partner in KPMG LLP’s audit practice, will become chair of the Virginia Board of Accountancy on July 1. Lewis is currently the board’s vice chair; her term as chair will end on June 30, 2024. “I’m honored to step into the role of chair. … As the first Black woman to serve as chair since VBOA became an independent agency in 2001, I am excited about the important work of opening doors to the CPA profession for people from a variety of backgrounds, as well as leading the board through the overall transformation and evolution of the accounting profession,” Lewis said in a statement.

UK Sustainability Leaders Warn Lack of Climate Talent at All Levels Could Stall Net Zero Progress [EY]
Sustainability leaders at some of the UK’s largest companies have warned that the scarcity of climate change talent at both operations and board level will be one of the largest barriers to achieving their Net Zero targets, according to new research from the EY Global Sustainable Value Survey.

Talent attraction and retention main concern for Irish CFOs, Deloitte survey [Silicon Republic]
More than two-thirds (67 percent) of Irish chief financial officers say workforce skills is the biggest obstacle preventing their organisation’s progress towards digital finance transformation. While the Irish sample size was only 75 CFOs, it was part of a larger survey by Deloitte of 1,366 CFOs in 16 European countries.

Wholesome

Am I a jerk for quitting right before busy season?
by u/throwaway456a93 in Accounting

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Friday Footnotes: More Bad News for PwC; Firm Leader Says AI Will Get People Back in the Office | 6.2.23 https://www.goingconcern.com/friday-footnotes-more-bad-news-for-pwc-firm-leader-says-ai-will-get-people-back-in-the-office-6-2-23/ Fri, 02 Jun 2023 21:00:18 +0000 https://www.goingconcern.com/?p=1000667192 Footnotes is a collection of stories from around the accounting profession curated by actual humans […]

The post Friday Footnotes: More Bad News for PwC; Firm Leader Says AI Will Get People Back in the Office | 6.2.23 appeared first on Going Concern.

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Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Bye.

Technology

AI threat will motivate workers to return to the office, says PwC chair [The Telegraph]
Kevin Ellis, chairman of PwC, said the popularity of AI software will drive employees to abandon working from home as they want to “differentiate themselves from a robot”. During a livestream event on AI technology for 25,000 of his staff last week, Mr Ellis told workers: “For professional services, where researching and summarising data is a key part of junior roles, AI has the potential to fast-track year one trainees to year three. You’re freeing people up to do more. He added: “The latest wave of AI will likely bring people back to the office. People are going to want to learn from others face to face, and the best way a human can differentiate themselves from a robot is in person.”

ChatGPT Offers CPAs ‘Superpowers’ Deloitte’s Ucuzoglu Says [Bloomberg Tax]
“The use cases are breathtaking: They will fundamentally alter the profession,” said Deloitte Global CEO Joe Ucuzoglu, addressing a University of Southern California financial reporting conference on Thursday. “They will make people more effective,” Deloitte’s head added. “And I am a believer that this will be a significant net positive in terms of the types of work that we do and the value that we as a profession will be able to deliver.”

Investors turn to AI-guided dealmaking to gain edge over rivals [Financial Times]
Big Four accountant KPMG, hedge fund Coatue and venture capital firm Headline are among those using the latest AI tools to advise clients and help guide their dealmaking. “If you can train or use a model that gets a lot of efficiency first, you will get an advantage in that particular area of the business that is harder for a second mover to do,” said Pär Edin, who leads innovation in KPMG’s US deal advisory and strategy business. “It is about getting there first for each and every particular use case.”

A Scandal So Big It Needs Its Own Category

RBA Says PwC Barred From All New Contracts Until Scandal Clears [Bloomberg]
Reserve Bank of Australia Governor Philip Lowe said he’s “appalled” by the tax scandal that’s engulfed PricewaterhouseCoopers and the central bank won’t enter into any new contracts with the consultancy giant until a satisfactory resolution is reached. “We are appalled as you are,” Lowe told lawmakers in a Senate committee hearing in Canberra Wednesday. “The use of private information sought for commercial gains is wrong. It destroys trust and, as you know, it is unacceptable.”

Health puts PwC contracts back under the microscope [AAP]
The federal health department is taking a fresh look at contracts worth $25 million with PwC to check on any conflicts of interest. A Senate estimates committee heard on Friday the department had 12 contracts with the major consultancy firm. “We are actively engaging with PwC at the moment to identify any of those potential areas (of conflicts),” department secretary Brendan Murphy said. “They assure us that they have processes to manage these things, but we are going through every one of our contracts.”

Australia’s largest pension fund freezes work with auditor PwC [Reuters]
Australia’s largest pension fund will pause use of the domestic unit of auditor PricewaterhouseCoopers (PwC) as the “big four” firm reels from a national scandal over its use of confidential government tax plans to drum up work with global clients. The roughly A$290 billion ($196.71 billion) fund, AustralianSuper, has frozen new contracts with PwC and expressed concerns about the scandal “at the highest level”, according to a spokesperson. An audit contract worth A$1.6 million in 2022, will be reviewed this year, the spokesperson added. The fund spent A$700,000 on non-audit services last year, according to filings.

PwC narrowly dodged criminal probe five years earlier [AAP]
The federal police and the tax office jointly decided there was not enough evidence to launch a criminal investigation into the PwC tax avoidance leak back in 2018. The Australian Taxation Office first caught wind of the confidentiality breach as early as 2016 when it noticed companies shifting their affairs around to avoid incoming multinational anti-avoidance laws. Its investigation of the suspicious activity uncovered the potential breach of confidentiality by former PwC partner Peter Collins. Mr Collins, who has since been referred to the Australian Federal Police as part of a criminal investigation, allegedly circulated Treasury information about new tax laws to drum up new business from clients interested in ducking the regulation.

‘Existential’ threat facing PwC: Malcolm Turnbull [ABC]
The fallout from the PWC scandal continues, with big questions over the secrecy provisions that prevented the breach being made public years ago. Malcolm Turnbull was Prime Minister when the laws at the centre of PWC’s scheme to sell government secrets took effect, he says breach and abuse of confidence are absolutely “shocking”. Listen here.

M&A

National Accounting Firm Weaver Announces Acquisition of Pasadena-based HKG [Pasadena Now]
Weaver, a national accounting and advisory firm, said it has acquired Pasadena-based HKG, LLP, effective June 1. Founded in 1995, HKG provides audit, tax and accounting services to clients across many industries including private equity, health care / life sciences, manufacturing and distribution, real estate, media, professional services, early stage and emerging growth companies, and not-for-profit. “The partners at HKG look forward to the opportunities this transaction provides for each of our team members to grow and develop their careers as part of Weaver,” said Eric (Tony) A. Gronroos, HKG’s Managing Partner. “We also believe the expanded services Weaver offers, especially from a transaction advisory services perspective, will add value to our existing client relationships.” This transaction adds 65 professionals, including seven partners to the firm, significantly expanding Weaver’s West Coast presence to six offices and 150 total team members, including 18 partners.

Chicago Area Accounting Firms Porte Brown and RVG Partners Announce Merger [PR Newswire]
Porte Brown LLC is pleased to announce its merger with RVG Partners, LLC effective June 1, 2023. The Oak Brook-based public accounting firm is widely recognized as one of the most reputable firms in the area, delivering exceptional and personalized accounting and tax services. The professionals from RVG, now operating under the Porte Brown name, will continue to service clients from their Oak Brook location. “We are thrilled to announce our merger with RVG Partners and welcome their talented team into our organization,” said Joseph A. Gleba, CEO/Managing Partner of Porte Brown. “Their expertise and experience in the profession complements our service offerings and will provide additional value to our clients.”

Top regional accounting firm Abdo welcomes HG&K in strategic merger [Abdo]
Abdo LLP, a leading full-service accounting and advisory firm based in Minnesota, announced June 1 that HG&K, Ltd. has merged with the firm. In this transaction, HG&K’s three partners and 16 staff members have joined Abdo effective June 1, 2023. The newly combined firm will continue to operate under the Abdo name, with shared values, brand, and vision. Allan D. Koltin, CEO of Koltin Consulting Group, who advised both firms on the merger commented, “Abdo might be 60 years old, but they have the culture of a ‘day-one startup’ which resonates extremely well with young, entrepreneurial talent.

PHB CPAs merge with UHY to serve growing community [Williamson Herald (TN)]
On Wednesday, UHY LLP celebrated its new merger with PHB CPAs in Franklin. UHY is a nationwide professional service firm that will now provide Nashville and Williamson County’s middle market with audit, tax, consulting and advisory services. “We are so excited to be a part of this community and we really enjoy the support we receive from Williamson, Inc.,” Sarah Hardee, managing partner, said at the ceremony. “We are very proud to be re-branding under UHY; [this is] such an exciting time for our firm.”

Promotions

It has been brought to our attention that we neglected to give the May 15 FORVIS partner promotion announcement the attention it deserves. Thank you to the tipster who held us to task on that. Allow us to remedy that egregious oversight immediately.

FORVIS advances 65 new partners, principals, and managing directors [FORVIS]
FORVIS is pleased to announce the election of 40 new partners and principals, as well as the promotion of 25 new managing directors, effective June 1. This is the first class of partners and managing directors elected by the firm, which was formed by the merger of equals of BKD and DHG effective June 1, 2022. “Just as our first anniversary as FORVIS is an important milestone on the way to even greater success, so too, are these promotions a milestone for our leaders,” said CEO Tom Watson. “I know this group stands ready to make a further impact on the firm for years to come, and their best successes are ahead of them. They will lead by example, mentor others, and continue to dedicate the energy and passion necessary to grow our firm so we maintain our forward vision and incredible momentum.”

Deloitte grows leadership team in the Middle East with its largest-ever annual partner admissions [Zawya]
Deloitte, the largest professional services network in the world, grows its leadership team with 60 partner admissions in the Middle East, enhancing its capabilities across a range of offerings including Artificial Intelligence, Analytics, ESG, e-commerce, cybersecurity, M&A and more. This milestone marks the highest number of partner admissions in a single year in Deloitte’s history in the Middle East.

DEI

Majority of UK business executives see the metaverse as an opportunity to ‘move the needle’ on DE&I [EY]
Wut?
The metaverse is predicted to have the potential to help UK executives ‘move the needle’ on DE&I initiatives, according to research released today by EY. As adoption increases and business use cases solidify, bedding in DE&I best practices early on will help UK businesses seize this opportunity. According to EY’s 2023 Metaverse Readiness Survey, adoption of the technology is growing. Nearly half (47%) of business leaders are already investing in or using the technology in some, with 61% believing they cannot afford to be absent from it. When asked how they intend to apply it in a business setting, responses revealed that they’re to be predominantly people-based and focused on areas such as customer service.

NACD and Deloitte Release New Playbook to Drive Inclusion in Boardrooms across America, Turning the Lens Inward and Focusing on Culture of Inclusion [PR Newswire]
“This publication is a testament to the Center for Inclusive Governance’s ongoing journey toward creating an inclusive culture where every director feels valued, respected, and empowered to bring their authentic selves to the boardroom,” said Tracy Gee, chief people officer, NACD. “It is an opportunity to promote dialogue, understanding, and empathy—and to foster an environment where everyone can contribute their unique perspectives and thrive.”

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Friday Footnotes: The ERC Problem; EY Double Dips; Stress Less in Public Accounting | 5.26.23 https://www.goingconcern.com/friday-footnotes-the-erc-problem-ey-double-dips-stress-less-in-public-accounting-5-26-23/ Fri, 26 May 2023 21:00:25 +0000 https://www.goingconcern.com/?p=1000657764 Footnotes is a collection of stories from around the accounting profession curated by actual humans […]

The post Friday Footnotes: The ERC Problem; EY Double Dips; Stress Less in Public Accounting | 5.26.23 appeared first on Going Concern.

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Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Have a safe Memorial Day.

Long Read

How a Pandemic-Era Program Became a Magnet for Fraud [New York Times]
Amid the onset of the pandemic in 2020, as large swaths of the economy went into lockdown, Washington set up various programs to help keep businesses and their workers afloat. Among them was the Employee Retention Credit, a tax benefit that was created as part of the initial $2 trillion pandemic relief legislation. The program offered businesses thousands of dollars per employee if they could show that Covid-19 was hurting their bottom lines and that they were continuing to pay workers. The money was intended to be a lifeline for struggling companies. Instead, it has become a magnet for fraud, creating a cottage industry of firms that market themselves as tax credit specialists who can help clients — even those who don’t actually qualify for the money — reap huge refunds from the I.R.S. Although the public health emergency is over, taxpayers can continue to apply for the tax credit until 2025. That has fueled a run for the money and the proliferation of financial service providers, who often charge hefty upfront fees or take cuts of around 25 percent of any tax refund.

Big 4

EY cashes in on offset conflicts [Australian Financial Review]
EY made a tidy $200,000 completing an “independent” review of overseas carbon credit programs for the Climate Change Authority (CCA) last year, which found that US-based Verra and Gold Standard were the best offset providers globally. It neglected to mention, however, that it was raking in consulting dollars for its work with Verra on the side. It also failed to mention the question marks that surround almost 95 per cent of the US$1 billion in “rainforest offset credits” sold by the Washington-based company.

PwC to remove staff involved in Australia tax leak scandal from govt work [Reuters]
PricewaterhouseCoopers (PwC) has agreed to remove staff with links to the leak and use of confidential Australian tax plans from government work, a senior government official told an inquiry on Thursday. The accounting firm is embroiled in a national scandal over its use of confidential information about proposed tax laws to drum up business. The Australian Treasury referred the matter to police for a criminal investigation on Wednesday. Finance Department Secretary Jenny Wilkinson told a Senate committee that PwC had agreed to remove staff “directly involved and with knowledge” of the breach from current and future contracts until it wraps up an internal review in September. A PwC spokesperson declined to comment.

EY US reshuffles leadership following failure of spin-off plan [Financial Times]
EY’s US chair Julie Boland has reshuffled the firm’s leadership, elevating loyalists after winning a power struggle with the Big Four accounting firm’s global bosses that scuppered a plan to spin off its consulting arm. Under the revamp of the US firm’s leadership, John King, the head of EY’s US audit business and one of the major opponents of the spin-off, will be leaving the US executive committee, Boland told partners earlier this week. He will instead be a “strategic adviser” to the leadership, according to an internal memo seen by the Financial Times. Boland has appointed Marcelo Bartholo, who heads EY’s eastern region in the US, to be her deputy, and gave King’s job to Dante D’Egidio, chief of the audit business in the same region. Jay Persaud, vice-chair for risk management who has backed Project Everest, will leave the committee. The reshuffle goes into effect on July 1.

‘No joy’ in watching PwC tax leaks scandal: Deloitte leaders [Australian Financial Review]
Deloitte’s chief executive and chairman have described the PwC tax leaks scandal as “deeply troubling and disappointing” but said they took “no joy” in watching the reputation of PwC personnel “being tainted by the actions of a few”. In an email to partners sent on Friday morning, CEO Adam Powick and chairman Tom Imbesi reminded staff that trust in a professional services firm could be quickly lost when “behaviour is not founded on integrity. This episode provides a salutary reminder to us all of the fundamental importance of ethics and integrity in everything we do. It also highlights the criticality of concepts such as trust, humility and accountability,” the pair wrote in the email.

Big four consultancies win $1.4 billion a year in taxpayer-funded contracts [Sydney Morning Herald]
The big four consulting firms have increased their federal business by 400 per cent over a decade while donating steadily to the major political parties that shape big decisions on government projects. A new study of the consulting giants concludes that PwC is now the biggest donor of the group, giving $2.1 million to federal political parties from July 2012 to June 2022, and when KPMG ($1.1 million), EY ($565,000) and Deloitte ($572,000) are added to the tally, their combined donations have reached $4.3 million over a decade.

Audit

Bitcoin Miner Riot Dumps Auditor for ‘Big Four’ Accounting Firm [Blockworks]
Riot Platforms is looking to switch accounting firms as the landscape for crypto company auditors remains in flux. The bitcoin mining company “dismissed” its previous accounting firm Marcum on May 18, appointing Deloitte to take its place. Marcum had audited Riot’s consolidated financial statements for the fiscal years between 2018 and 2022. Deloitte is set to act as the mining company’s independent registered public accounting firm for 2023.

US banking failures: the role of big auditors in another financial crisis [The Conversation]
Atul K. Shah, Professor of Accounting and Finance at University of London writes:
Large auditing firms often work with a significant proportion of an industry. KPMG is believed to audit more US banks than any of the other big four accounting firms, for example. This gives an auditor a unique view of the risks and opportunities in an industry, as well as the stresses and strains in various parts of a market. So, in theory, auditors should be able to issue warnings – to regulators for example – about hidden or as-yet unidentified risks, as well as endemic false accounting. This would not only protect shareholders, employees and investors, but also society in general, from the collapse of a large company or an industry crisis.

AICPA Auditing Standards Board’s Work Plan Includes Potential Convergence Projects with International Standards [Thomson Reuters]
The AICPA’s Auditing Standards Board (ASB) is working on several standard-setting or research projects, according to its 2023 workplan, which was discussed during a meeting on May 16-17 in Nashville, Tennessee. And many of the projects are tied to the board’s goal to converge its standards—as much as possible—with those of the International Auditing and Assurance Standards Board (IAASB). While the board aims to publish proposals for comment or finalize standards during a specified quarter, the timing is just best estimates of how each project will progress.

UK Watchdog Looks to Improve Small Firms’ ‘Unacceptable’ Audits [Bloomberg Tax]
The UK’s accounting watchdog announced a program Thursday to improve standards at smaller auditing firms, after calling the quality of their work “unacceptable” in a December report. Under the “Scalebox initiative” the Financial Reporting Council will sample parts of the smaller firms’ audits for checks of quality control systems and corporate governance. The plan is aimed at the auditors of Public Interest Entities, which largely consist of FTSE-350 companies.

Work

Mitigating the Negative Impacts of Job-Related Stress [CPA Journal]
Although stress in public accounting is unavoidable, especially during the busy season, excessive amounts can be dysfunctional for both individual CPAs and their firms. Prolonged exposure to high levels of stress can lead to psychological symptoms of depression and anxiety. Stress-related illnesses can decrease performance, generate health problems for individuals, increase group health premiums for organizations, increase absenteeism, and increase turnover. CPA firms can proactively address these stress-related costs by recognizing the drivers of the stress and tailoring responses accordingly.

The Forever Labor Shortage [Insider]
“The labor shortage we’re dealing with today is likely to remain this way — and perhaps get even worse,” says Jay Denton, the chief analytics officer at LaborIQ, which provides salary analysis to employers. “It’s going to continue to be really hard to attract people and get them into new jobs.” We’re entering what is shaping up to be the Forever Labor Shortage.

The time has come to end pandemic-era oversharing at work [New York Post]
The phrase “bring your whole self to work” is a greeting-card message, not a recipe for professional success. Here’s the problem: The meaning has become muddled. During the height of the pandemic, many had no choice — we lived with work, and because of that, we got an authentic view of the lives of leadership and colleagues, whether we wanted to or not. Because of that shared experience, especially during “unprecedented times,” letting it all hang out became acceptable.

Tax

Showing ads on Netflix could chill communications tax collections [Avalara]
States and local jurisdictions are still adjusting to the way streaming services have cut into the tax revenues they had come to expect from cable television service providers. We’ve written about this often in recent years, as American states and Canadian provinces enacted new “Netflix taxes” on digital streaming services, or went to court in attempts to extend existing taxes to cover the new technology. Now, just as some of that seems to have been settled, changes in the industry and our broader economy are combining to bring streaming service revenues down, which means communications taxes that are attached to revenues from subscriptions are no longer going to bring in as much as governments anticipated.

A Black professor has long said what the IRS now admits: The tax system is biased [NBC News]
In a letter sent last week to the Senate Finance Committee, the IRS said Black taxpayers are far more likely to be audited than non-Black ones, exposing them to tax penalties. And in January, the Treasury Department revealed that a swath of tax breaks disproportionately benefit white people, leaving many Black people with hefty tax bills and little money left over. “We are deeply concerned by these findings and committed to doing the work to understand and address any disparate impact of the actions we take,” IRS commissioner Daniel Werfel wrote in a letter to Oregon Sen. Ron Wyden, the chairman of the Senate Finance Committee.

Practice

Bots emerge as cyber threat for accounting firms [Journal of Accountancy podcast]
Cybercriminals have started using bots to identify zero-day vulnerabilities in routers, servers, smartphones, Windows, web browsers, and antivirus software. Once the hackers discover a vulnerability, they send out their bots to exploit it in as many places as possible, with CPA firms and finance departments among the potential targets.

The post Friday Footnotes: The ERC Problem; EY Double Dips; Stress Less in Public Accounting | 5.26.23 appeared first on Going Concern.

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Friday Footnotes: RSM Layoffs; The Leader Who Cried On His First Day; Advisory Pays Better (Duh) | 5.5.23 https://www.goingconcern.com/friday-footnotes-rsm-layoffs-the-leader-who-cried-on-his-first-day-advisory-pays-better-duh-5-5-23/ Fri, 05 May 2023 21:00:52 +0000 https://www.goingconcern.com/?p=1000625102 Footnotes is a collection of stories from around the accounting profession curated by actual humans […]

The post Friday Footnotes: RSM Layoffs; The Leader Who Cried On His First Day; Advisory Pays Better (Duh) | 5.5.23 appeared first on Going Concern.

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Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya.

Talent

Survey: Accounting Graduates Favor Advisory Work, Earn More Than Peers in Audit and Tax [INSIDE Public Accounting]
According to The State of Pennsylvania Accounting Firms in 2023, CPAs who begin their careers in advisory services are earning as much as CPA seniors in the traditional fields of audit and tax, and they are out-earning non-CPA seniors in those areas. Entry-level CPAs in advisory practices are making $11,000 more than CPAs starting out in audit and tax, and $20,000 more than non-CPAs in advisory. “We’ll see how those trends unfold overtime as the economy continues to shift,” says Adam Batechlor, chief strategy and innovation officer at the Pennsylvania Institute of Certified Public Accountants (PICPA), which conducted the survey of more than 300 CPA firms in the state with Hinge Research Institute. The report says CPAs are generally paid more than non-CPAs, but the pay gap between the two shrinks when moving from entry-level to the manager level. The gap widens again at the upper levels. Nearly all firms in the survey raised fees.

Can we talk about RSM layoffs happening today?
by u/sunnymoonshine in Accounting

PwC Doles Out Bonuses and Raises While Paring Back Remote Work [Bloomberg Tax]
“We’ve hired tens of thousands of people over the past three years who have never had the full experience of this firm, the full experience of this community when we are truly together,” said Yolanda Seals-Coffield, PwC’s chief people officer. “So we want to bring some of that back. It will require creativity, absolutely, for people who are more geographically dispersed.” The firm did not disclose the size of its bonus or salary increases. Still, any bump in compensation contrasts would contrast with its competitors, which have in recent months announced layoffs in their consulting practices and expense cuts amid ebbing demand for services. Although performance-based reductions are expected this year, PwC has no plans for market-based layoffs, the firm said. PwC did not disclose how many staff members would be cut.

Getting forced back to the office against your will? Did HR put an unexpected partner meeting on your schedule? Don’t sweat it. Accountingfly is connecting audit professionals at all experience levels with forward-thinking firms for strictly REMOTE audit roles. Pajamas forever! US candidates only, please.

AI In Accounting

KPMG Australia expands KymChat to search manuals and policies [iTNews]
KPMG Australia has updated its generative AI technology KymChat to search across its quality and risk manual and independence policies. The first use case of the digital assistant was to make team directories more easily searchable, for greater ease of locating colleagues. KymChat is now also capable of searching the firm’s policies, leading to organisational efficiencies, according to KPMG chief digital officer John Munnelly. Speaking at a Legal Innovation and Tech Fest in Sydney, Munnelly said the policies were uploaded to KymChat “a couple of weeks ago”. “It is now searching our quality and risk manual and independence questions, and it is absolutely amazing,” he said.

AI changing landscape in accounting [Mississippi Business Journal]
EisnerAmper, an international business advisory firm, is investing heavily in technology including AI and leveraging it to do things faster, better and provide more value to its clients, said Jason Juliano, director of digital transformation. EisnerAmper Digital is merging with Louisiana-based Postlethwaite & Netterville which has offices in Mississippi. “We used a smart audit process to feed in things like invoices, purchase orders and contracts using natural language processing, which is an AI model,” Juliano said. The models can read documents and pull-out information that auditors are looking for. “It makes doing audits much faster, eliminating some of the human error, providing move value to some of the accounting audit work that we do for our clients,” he said.

Leadership

New head of CLA Dallas office wants to ‘make a splash,’ grow firm’s presence [Dallas Business Journals]
Keith Davidson remembers his first day of work at PwC in 2005 vividly. “I cried in the bathroom,” Davidson said. “My senior told me I was never going to be any good in this industry and that I just didn’t have it. On day one. I was 21 at that point.” Davidson’s goal was to become a chief financial officer and be a decision-maker at a company. He pursued an accounting career and took a job at PwC because of what he described as a “false choice” between having to do either tax or audit to move up the ranks. After that first day, Davidson “managed to survive” and eventually shifted his career into corporate finance. He worked for Kimberly-Clark Corp. for several years, followed by a stint at start-up company EndoChoice until it got acquired by Boston Scientific Corp. in 2016. Davidson then made what he now calls a “mistake” of going back to a large company and working for AmerisourceBergen. He described the role as “so far in the ivory tower” and knew it wasn’t the right fit. Unhappy with the role, Davidson quit his job in early 2019 and somehow found his way back to the accounting world when he took a job with CliftonLarsonAllen LLP. Now, as of Monday, he is the new managing principal of the firm’s Dallas office. Davidson said the last four-and-a-half years at CLA has the been the most enjoyable period of his career because he has been able do what he wants all along — advising businesses and helping their executives make decisions.

How 3 female leaders are breaking barriers in their industries [MIT Sloan News]
Stephanie Smith is a self-admitted practical thinker, so when one of her mentors at RSM told her to apply for the global accounting firm’s Industry Eminence Program when it first rolled out, Smith said she wasn’t ready. Her mentor, however, insisted that she try for the opportunity and see what might happen. “She knew that once I accepted the idea in my head, I was going to do it,” said Smith during a recent MIT Sloan Executive Education webinar, Breaking Barriers and Building Allies. “I always thank her for dreaming on my behalf.” Smith was one of several managers who shared their experiences of overcoming challenges with the help of allies and detailed what they’re doing to help those behind them.

Audit

KPMG Pledges Cooperation in Senate Probe of Bank Audits [Bloomberg Law]
KPMG is cooperating with a US Senate inquiry into its relationship with three failed banks and strongly defends the quality of its audits, the Big Four firm says. Sens. Richard Blumenthal (D-Conn.) and Ron Johnson (R-Wis.) on Wednesday opened a wide-ranging inquiry into the accounting firm, requesting in a letter to KMPG CEO Paul Knopp that the firm hand over a massive trove of documents. The senators, who lead the Homeland Security and Governmental Affairs Committee’s Permanent Subcommittee on Investigations, demanded essentially all documents related to the three banks the firm audited. KPMG confirmed late Thursday that it had received the letter and said it would cooperate with the inquiry. “As always, the firm will cooperate with any governmental inquiry, including any request for information regarding the relevant auditing standards,” a KPMG spokesperson said in a statement. “The firm continues to stand by its audits, which were conducted in accordance with those professional standards.”

Chinese companies told to step up data checks on auditors [Financial Times]
China has told state-owned companies and those listed on the mainland to step up their security checks when appointing auditors, as authorities try to tighten controls on sensitive corporate information. State-owned enterprises (SOEs) and listed companies should be more thorough in reviewing the ability of auditors “to safeguard information security” and “strengthen controls of sensitive information”, regulators said on Thursday.

PCAOB enhances transparency of inspection reports [Journal of Accountancy]
The PCAOB has enhanced its inspection reports with a new section on auditor independence and other changes that are designed to “increase transparency by making publicly available more information that is relevant, reliable, and useful for investors and other stakeholders.” The changes will appear in reports for PCAOB inspections completed in 2022, starting with eight reports, according to a news release. “We are committed to making our inspection reports as valuable as possible for investors, audit committees, and others …,” PCAOB Chair Erica Williams said in the news release. “These enhancements will provide relevant information that investors have asked for and support improvements in overall audit quality.”

Big 4

Deloitte Finds a Use for the Blockchain With Digital Credentials [Bloomberg News]
Deloitte Consulting is looking to utilize blockchain technology to establish digital credentials that can be used for everything from regulatory compliance in banking and decentralized finance to age verification for e-commerce. The reusable credentials will be anchored on the KILT blockchain, Deloitte said in a statement, which noted that the aim is to make identity verification more efficient for both businesses and customers. “Digital credentials that are convenient, cost-effective and secure have the potential to open new digital marketplaces, from e-commerce and DeFi to gaming,” Micha Bitterli, head of Deloitte Managed Services, said in the statement.

KPMG leaving Wells Fargo Center for North Loop, downsizing space [Minneapolis StarTribune]
Accounting firm KPMG is downsizing its downtown space and will relocate from Wells Fargo Center to North Loop Green, a large mixed-use project still under construction. KPMG will lease 45,000 square feet at North Loop Green, down from the 60,000 square feet it occupies at Wells Fargo Center. The deal keeps KPMG in downtown Minneapolis but will move it out of the core of the central business district. The accounting firm follows Piper Sandler & Co., which signed on as the anchor tenant for North Loop Green, which is near Target Field. Piper Sandler will move from U.S. Bancorp Center in the heart of downtown. “Our commitment to the Minneapolis market is unwavering. KPMG is continuing to hire and our business continues to grow in the market, as we embrace a hybrid working model,” said James Powell, office managing partner for KPMG in Minneapolis, in a statement.

Treasury seeks legal advice on PwC tax leaker [The Age]
On the PwC tax leak in Australia:
Treasurer Jim Chalmers has said the federal government is prepared to take further action against PwC if necessary over a leak of confidential government tax plans, but has declined to clarify whether criminal charges are being considered. “I’ve indicated to the Treasury and to the regulators if there are more steps that are necessary, I’m prepared to take them,” Chalmers said at a press conference on Thursday. “I consider what happened there to be completely inappropriate. I’ve said that publicly, I’ve said that privately to the company as well.” Peter Collins, the former PwC partner who leaked confidential government tax plans, has been banned until next year from acting as a tax practitioner. The Tax Practitioner Board (TPB) has ordered PwC to improve its management of conflicts of interest with training sessions for staff, ensuring the co-ordination of registration of conflicts, and a better governance and reporting system within the firm.

EY’s Abandoned Split Exposes Obstacles to Big Tech Consulting [Bloomberg Law]
Ernst & Young has a tech growth problem the size of Silicon Valley, and the firm’s failure to spin off its consulting business has eliminated what it envisioned as a way out. Like all accounting firms, it is barred from forming lucrative consulting partnerships with its audit clients, but the restriction is especially onerous for EY, with its audit roster of tech heavyweights like Amazon, Alphabet, and Salesforce. Its inability to team up with such companies to build and sell tech solutions hamstrings its consulting practice, forcing it to leave millions of dollars on the table for in-demand services crucial to today’s corporations.

Working at PwC as a Spring Intern [The Boar]
As most Economics majors would know, acquiring spring internships can be a stressful and hectic process, with separate applications to every company, plus assessments and online interviews, it can really take a toll. However, it can be really useful to learn more about different internships, since these jobs involve so many diverse departments. These companies are all different, with various departments, work cultures and requirements and there is something new to learn from each of them. Since spring internships are really short and only usually cover one specific department, it can be useful to know about other ones. This article is about the writer’s experience working as a Spring Intern at PwC.

Firm Watch

Unity Partners Completes Platform Investment in NDH [Business Wire]
Unity Partners is pleased to announce it has partnered with the leaders of NDH LLC to provide strategic growth capital for the Business. Founded in 2003 and headquartered in Chicago, NDH provides sophisticated tax, accounting and advisory services to more than 1,500 clients throughout the United States. Partners Jeremy Dubow, Josh Harris and Jeff Thomas will continue leading the Business and will serve on the Board of Directors. “With the additional resources from Unity Partners, we will be able to accelerate investment in our technology and talent to improve the experience for our clients,” said Jeff Thomas, Tax Practice Leader.

Sensiba San Filippo Welcomes Five New Partners [AccessWire]
The largest group of partner promotions in the firm’s 45-year history reflects SSF’s ongoing commitment to expanding its offerings to serve clients more effectively. These promotions grow the firm’s partners to 24, nearly half of which are women-well above the accounting industry average. “We are proud and pleased to welcome these distinguished professionals to our partnership,” says John Sensiba, Managing Partner of Sensiba San Filippo. “This is our largest class of new partners, reflecting our growth in recent years. All five have demonstrated a steadfast commitment to not only to serving clients but also to our firm’s people-first focus of serving fellow team members and our communities.”

Cherry Bekaert and Key Partners Recognized at the USA M&A Atlas Awards Celebration [PR Newswire]
Cherry Bekaert is proud to announce it has been awarded Transaction Advisory Firm of the Year by the Global M&A Network at the 5th Annual USA M&A Atlas Awards-Middle Markets Gala. Award winners were announced at the celebration ceremony on April 27th at the Mayflower Hotel in Washington, DC. This marks the 5th consecutive year the Firm has received the USA M&A Atlas Award for Firm of the Year in Valuation, Due Diligence or Transaction Advisory.

The post Friday Footnotes: RSM Layoffs; The Leader Who Cried On His First Day; Advisory Pays Better (Duh) | 5.5.23 appeared first on Going Concern.

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You Are Not Charging Enough https://www.goingconcern.com/firms-not-charging-enough-sponcon/ Wed, 19 Apr 2023 14:50:00 +0000 https://www.goingconcern.com/?p=1000577217 Psst. Hey, you. Yeah, you. We are speaking on behalf of the universe with a […]

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Psst. Hey, you. Yeah, you. We are speaking on behalf of the universe with a message for you:

You are not charging enough.

Honestly, we could just end the article here but there are minimum word counts to hit so in a moment we’re going to give you a few reasons why you need to raise your fees, though you don’t need them. Crazy concept, right? You can just raise your fees. Period, end of sentence, mic drop. Just raise them. Hit the back button on your browser right now and go read some accounting gossip elsewhere on this site because you do not need a reason to raise your fees.

That idea sounds better on paper than in real life, of course. In real life, you would have raised your fees already a year ago if it were as simple as just raising them. Maybe you are waiting for someone to give you permission to. In which case, you have our permission. That was easy, wasn’t it?

Ugh. You’re still not ready to do it, are you?

We are not going to waste precious word count on the economic reasons behind raising your fees, you already know what they are. But despite having no idea who you are – yes, you reading this right now – we can guess with some authority that you are undercharging. No, the Going Concern editorial desk is not staffed by clairvoyants (sadly. Those people all work for Accounting Today). We know you are undercharging because pretty much everyone is, or at least was up until recently.

Maybe it’s accountants’ nature to want to appease clients and undercut their own talents because so few people appreciate them. You know that you know your stuff, you know the hard work you put in on your education and your certifications and all that time you spend reading up on new regulations and best practices. Guess what, clients don’t care. Which is fine, we aren’t asking clients to perform an elaborate economic analysis on your worth and thank goodness we aren’t because we know clients would undervalue you even worse than you undervalue yourself. Not only are they terrible at valuation, they don’t even know what exactly you do. Imagine the anarchy if we let clients set their own fees.

Raising your fees is something you’ve been thinking about for a while. You know you should, and you know that you’re justified to do so. But something is holding you back, be it fear or anxiety or an allergy to serious conversations with clients. We get it.

Take a second to think about a few reasons why you should charge more. And if you can’t come up with enough reasons, here are some more.

You have been undercharging for a long time

By now you’ve heard about – and experienced – the accountant shortage. If you have been living under a rock for two years (welcome back to civilization btw) the TL;DR is that interest in the accounting profession has been waning for years and demand for accountants remains higher than the supply of accounting graduates can satisfy.

The profession’s greatest minds are working harder than an associate during busy season to understand why this is happening and what can be done to fix it. Salary – specifically, starting salaries that can’t compete with other white collar fields – is a factor that comes up more often than not. At issue, for many years public accounting firms did not raise starting salaries like they should have and with each passing year, public accounting became less and less attractive to college students. There’s an argument to be made here about accounting as a recession-proof career and the myriad of opportunities offered to you when you have CPA after your name and paying your dues blah blah blah, we aren’t talking about that because that’s not what we’re here to convince you of.

While new graduate salaries were stagnating, so were your fees. Year after year you did not raise your fees because your practice was thriving and you didn’t think you needed to or you were afraid of losing clients if you did or you worried that #TaxTwitter would talk about you behind your back for being a money-grubbing jerk. Whatever your reasons, because you haven’t raised your fees incrementally over time you now find yourself in a position similar to that of gargantuan public accounting firms: you now have to raise fees and perhaps significantly.

Accountants are like toilet paper and other terrible metaphors

Circling back to a couple paragraphs ago, there is currently a critical accountant shortage. This means that smaller clients especially are having trouble even finding accountants. If you still remember what you learned in Econ 101, you know that high demand and low supply has a direct effect on prices. You are in high demand. Think of yourself like toilet paper in 2020. You are toilet paper. Wow, that’s a terrible metaphor. OK, think of yourself like a PS5 the day it was released. You are a PS5. Ugh, that one is pretty dumb too. Got it! Think of yourself like a diamond. You are a diamond.

There are many gemstones that rival or even surpass diamonds in beauty yet diamonds are a highly sought-after stone due to rarity. Granted, the rarity is completely manufactured and they aren’t actually as rare as diamond sellers would want you to believe (fun fact: it’s estimated there are 1,000,000,000,000,000 tons of rough diamonds hidden beneath the Earth) but we can’t possibly hamfist another metaphor in here, we’re just going to go with diamonds.

The high demand for accounting services makes those services much more valuable than they would be if there were 1,000,000,000,000,000 tons of accountants. We’re not saying you should jack up your prices just because you can, rather we are reminding you that you provide a valuable service in a non-saturated market.

Your competitors are already doing it

Your competitors don’t need to read this article because they have already raised their fees. They’re off somewhere else on the site reading old Big 4 farewell emails with lots of expletives in them from 2011. Your competitors already completed the analysis you are doing right now. They scribbled out the pros and the cons, read the practice management articles that explain why fees should be raised and how to delicately approach the issue with clients, and gave themselves a pep talk in the mirror like a Sim raising their charisma points. Then they did it.

#TaxTwitter is full of people who are thinking about raising fees, in the process of doing so, or have done so and regret nothing. When you finish this article, go over there and see for yourself.

Clients are much more amenable than you think

Although they may not always express appreciation for your skills and everything you do for them, clients are pretty reasonable (most of the time) and do value what you provide for them. Not as much as they should, but enough that a fee increase won’t automatically scare them away.

…And if they aren’t, who cares

Will you lose clients if you raise your fees? Maybe. And so what if you do? Know that those clients will then seek out other practitioners – many of whom have raised their fees, remember – and find out that the other accountants are charging as much if not more than you. Many accountants aren’t accepting new clients. Some of them immediately blacklist any potential clients who say “I fired my last accountant when they raised fees” and refuse to work with someone like that. There aren’t a quadrillion accountants sitting on the bench eager for Coach to put them in on tax returns (see above re: supply and demand), clients are feeling the accountant shortage just like everyone else.

One last thing

Remember the old SNL skit Daily Affirmation? I’m good enough, I’m smart enough, and doggone it, people like me.

Channel that next time you are questioning your worth. Just do it less awkwardly than ole Stuart up there.

This article has been brought to you by Melio, an online AP and AR platform designed specifically for the needs of your SMB clients. They commissioned it because they believe in the work you do and want to see you charge what you’re worth. If you happen to be in the market for B2B payment solutions that play well with your existing accounting software, go swing by their site and give them a try. After you draft that email to clients, that is.

About Melio
Melio is a business-to-business (B2B) online payment platform specifically built with small businesses in mind. It requires no subscription and allows you to send and receive business payments for free, only charging for fast and premium options. Sign up to start paying all of your clients’ business bills with Melio.

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Friday Footnotes: Staffing Disasters; Let’s Rag on EY; A Warning For Tax Practitioners | 4.14.23 https://www.goingconcern.com/friday-footnotes-staffing-disasters-lets-rag-on-ey-a-warning-for-tax-practitioners-4-14-23/ Fri, 14 Apr 2023 21:00:28 +0000 https://www.goingconcern.com/?p=1000592486 Footnotes is a collection of stories from around the accounting profession curated by actual humans […]

The post Friday Footnotes: Staffing Disasters; Let’s Rag on EY; A Warning For Tax Practitioners | 4.14.23 appeared first on Going Concern.

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Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya.

Staffing Drama

Signal Mountain Won’t Pay Accounting Firm For Extra Work On Audit [Chattanoogan.com]
Clients are the worst
The Signal Mountain Town Council has declined to pay an auditing firm extra money it said was due because of inadequate help from city employees in preparing the annual city audit.

There was discussion before voting whether or not to pay an extra amount for auditing services this year to Johnson, Murphey and Wright PC. The firm had a contract to perform the 2022 year-end audit for $26,135, but in order to complete it, the CPAs had to spend a lot of time doing extra accounting work that the previous town employees had failed to do, it was stated. For the extra hours, an additional $6,040 was billed. At a February meeting, CPA Paul Johnson explained the reasons for the increase.

Accounting problems in Signal Mountain began in 2021 and increasingly got worse, he said. His firm was told that the problems would get better, and they believed it. New employees who were meant to straighten up the problems were not hired until a couple of months before the audit began. The contract with his firm was based on cooperation with Signal Mountain’s personnel, he said. What was not done by the town had to be done by the accountants. They spent five days in Signal Mountain versus the two days that had been planned. He said that each year the firm had donated some time and that nothing had been said because it would have been embarrassing for the town. Instead, the town employees were praised for their cooperation and good work.

NW replaces firm after getting late audit [Wilkes Journal-Patriot]The Town of North Wilkesboro received a “clean” audit report on April 4 from an accounting firm that took full responsibility for submitting the report late. Craig Hopkins, audit manager of Winston-Salem-based Gibson & Co., P.A., told the town’s board of commissioners that “we’ve had some issues at the office. Not to air dirty laundry, but we’ve had some major impacts that have put us way behind the eight ball, and I apologize for that.” The audit for the 2021-22 fiscal year, which ended June 30, 2022, was due Oct. 31, 2022, but Gibson failed to meet eight different deadlines set by the town to complete the report. As a result, the town has broken ties with Gibson and hired another firm on April 4 during its bi-monthly regular meeting to do the next audit, for FY 23, which ends June 30.

Everest Aftermath

EY Breakup Plan Doomed by Miscalculations and Powerful Opponents [Wall Street Journal]
For months, Ernst & Young’s top leaders characterized their planned breakup of the firm as almost inevitable. All that was left were some adjustments around the edges and votes by partners in dozens of countries. They missed a brewing revolt at the firm’s biggest operation, where EY’s top leader and the architect of the breakup had deep ties. A handful of U.S. partners, prodded by a vocal group of EY retirees, scuttled the deal. The firm spent $600 million and more than a year working on the split, executives said on internal webcasts on Wednesday. That tally includes $300 million of payments to a raft of top-tier investment banks and law firms and other outside costs, as well as $300 million of partner time and other costs within the firm. Anna Anthony, a senior executive at EY’s U.K. arm, played down the spending on a call with partners, saying the cost was offset by $400 million that EY saved on projects that were delayed or deferred because of the proposed split.

Julie Boland, the EY leader in the middle of a ‘civil war’ [Financial Times Opinion]
When Julie Boland was picked last year to head EY’s US business, partners hoped she would end a period of infighting that had culminated in the exit of her sharp-elbowed predecessor, Kelly Grier. Boland was “Switzerland”, they joked, a neutral party with a reputation for consensus-building and an almost preternatural niceness of the kind found only in the US Midwest. Yet Boland now finds herself in the middle of what one former partner calls a “civil war”, having pulled the plug this week on a year-long project to spin-off the Big Four accounting firm’s consulting business. The aborted split consumed tens of thousands of hours of work and $600mn of partners’ money. Dubbed Project Everest, it was pushed by EY’s global leadership under chief executive Carmine Di Sibio and backed in principle by Boland herself. But Everest failed to find support among crucial players on the US leadership team, which opted to abandon the plan before 13,000 partners around the globe could have their say.

EY Decision to Call Off Auditing Split Leaves Investors Stranded [Bloomberg Tax]
Now that EY has deserted any plans to assuage these concerns through a thoughtful split, it’s created a contentious environment for other firms to pursue well-advised efforts to separate their business lines. Investors are left to navigate a field of potential landmines in the enormous roster of clients that the Big Four boasts, where auditor independence is understandably in question. The status quo of clients engaging with one firm for consulting and auditing has enabled breaches of fiduciary duties, misstatements, and fraud that only have served to roil investor confidence and markets overall.

Big 4

Wirecard boss threatened ‘legal steps’ against KPMG over special audit [Financial Times]
Markus Braun tried to woo a senior KPMG partner with an invitation to his luxury ski hut and later threatened to sue the Big Four firm as he tried to water down its special audit into Wirecard, a Munich court has heard. Sven-Olaf Leitz, an executive board member of KPMG Germany, told a panel of five judges on Thursday that the former chief executive of the payments group repeatedly lobbied to narrow the scope of the investigation into Wirecard’s outsourced operations in Asia. Braun and two other former senior executives of the disgraced German company are facing charges of fraud, embezzlement, market and accounting manipulation that are punishable with up to 15 years in jail.

KPMG fined 875,000 pounds for failures in Luceco audit [Reuters]
KPMG has been fined 875,000 pounds ($1.09 million) for its audit of lighting manufacturer Luceco (LUCEL.L) for its financial year to Dec. 31, 2016, Britain’s accounting watchdog said on Thursday. “The breaches included failures in the design and performance of audit procedures, failures to adequately review and critically assess the audit evidence obtained, failure to document the audit work and failures by the respondents to apply professional scepticism,” the Financial Reporting Council said in a statement.

Deloitte Can Keep $343 Million TSA Employee Support Contract [Bloomberg Tax]
Accenture Federal Services LLC lost its protest to Deloitte’s Transportation Security Administration contract award after the GAO rejected arguments that the agency did not properly evaluate whether the corporate officers were appropriate for the job at hand. The TSA was looking for a company that could further support their human resource efforts across the lifecycle of an employee. Accenture alleged that the consulting firm had unequal access to information that gave it a leg over Accenture in oral presentations.

PwC note advises clients to sell assets before Sinn Féin takes power [The Irish Times]
Now that’s client service! FYI: Sinn Féin is the largest Irish republican political party
A draft PwC report has warned clients to speed up the sale of assets and investments in their pension pots in order to protect their wealth ahead of Sinn Féin potentially being in power, with the party riding high in opinion polls. The report, dated in March and marked “draft and for discussion”, analyses the impact of the party’s proposals to increase income tax on high earners and gains on asset disposals by wealthy individuals, as well as its plan to reduce tax relief on large pensions. The paper said actions clients could take to mitigate the impact include accelerating “asset sales”, “pension contributions”, “gifts”, and bonuses and dividends.

Audit

Big Four’s Stormy Spring Resurrects Fear About Audit Quality [Bloomberg Tax]
The Big Four accounting firms are having a familiar moment in the public eye, and it’s not a flattering one. Auditors are tasked with reassuring investors that the companies they invest in are financially healthy, and warning them if they’re not. But auditing experts and critics are questioning whether Ernst & Young and KPMG, in particular, are focused enough on their core responsibilities of vetting the books of their corporate clients and protecting investors.

Integration and collaboration in risk management for internal audit [Wolters Kluwer]
As organizations become more globalized, complex, technologically advanced, and focused on regulations, stakeholder demand is sure to increase. To manage this complexity and elevated level of risk, each organization is driven toward risk transformation; that is, the recognition that traditional models of risk management audit, specifically integration, and collaboration, needs to be reviewed and revised to ensure continued success. The role of internal audit is critical to providing assurance on the effective identification and management of risks that organizations face; a landscape that appears to change dynamically nearly every day.

Audit committee oversight of non-GAAP financial measures [JD Supra]
According to audit firm PwC, non-GAAP financial measures play an important role in financial reporting, “showing a view of the company’s financial or operational results to supplement what is captured in the financial statements,” and help to tell the company’s financial story, as the SEC has advocated in connection with MD&A, “through the eyes of management.” Yet, they also have the potential to open the proverbial can of worms, subjecting the company to serious SEC scrutiny and possible SEC enforcement if misused.

Rubio Demands Answers from SEC and PCAOB on Safety Of U.S. Investments in China [Marco Rubio]
Senator Marco Rubio (R-FL) sent a letter to the Securities & Exchange Commission Chairman, Gary Gensler, and the Public Company Accounting Oversight Board’s Chairwoman, Erica Williams, to get answers on declining auditor independence in China. “As the CCP continues to systematically tighten its grip over all financial firms under its jurisdiction, I ask the SEC and PCAOB how they can be satisfied with current levels of Chinese and Hong Kong auditor independence, and how this effectively ensures American investors and fiduciaries that these are worthy investments fully compliant with U.S. law.” – Senator Rubio

Tax

Threat actors strive to cause Tax Day headaches [Microsoft]
Threat actors often take advantage of current events and major news headlines to align attacks and leverage social engineering when people could be more likely to be distracted or misled. Tax season is particularly appealing to threat actors because not only are people busy and under stress, but it is intrinsically tied to financial information. With U.S. Tax Day approaching, Microsoft has observed phishing attacks targeting accounting and tax return preparation firms to deliver the Remcos remote access trojan (RAT) and compromise target networks beginning in February of this year. Remcos, which stands for “Remote Control and Surveillance”, is a closed-source tool that allows threat actors to gain administrator privileges on Windows systems remotely.

What Happened When the IRS Got Audited [Wall Street Journal]
33% of the custom-built software applications critical to the agency’s operations counted as “legacy IT,” which means they relied on archaic code or tech so old that it makes the typical member of Congress look young. IT is the key to making the experience of interacting with the IRS more tolerable—or at least slightly less miserable.

EY Keeps Tax Expertise In-House for Auditors By Scrapping Split [Bloomberg Tax]
EY’s move not to split its audit and tax compliance practice from its consulting services will likely lead to higher-quality audits in the near term, relative to potential quality post-split, as their audit teams will have more tax experts available to them. Considerable research supports that auditors benefit from knowledge spillover gains when they also provide tax services to their audit clients. As perceived or suspected audit failures have come under a microscope in the US and abroad, any action that could worsen quality also deserves scrutiny. By keeping the tax experts in the combined firm, EY’s audit teams will continue to benefit from such arrangements by tapping those experts as needed.

Tax executives expect higher rates of audits, disputes: EY [CFO Dive]
Half of senior tax executives expect the number and intensity of audits and disputes to rise during the next two years as authorities in dozens of countries step up coordination while enacting new global tax rules, EY found in a global survey. Tax officials worldwide are aligning with an agreement among 130 countries to overhaul global tax rules by setting a 15% minimum corporate tax. The accord is scheduled for implementation next year. “Governments used to view tax as a largely sovereign concern but now they’re aligning in an unprecedented way to bring about another wave of global tax reforms,” Marna Ricker, EY’s global vice chair for tax, said in a statement. They “are working together in the same cooperative spirit to enforce both existing tax laws and get ready to enforce changes to come.”

In the Field

Rutgers Business School’s Road to CPA Program opens doors for accounting student [PR Newswire]
When mentor Terice Barnett met Rutgers Business School student Vivian Chou, she was struck by the undergraduate’s passion for accounting. “She was genuinely interested in the profession,” said Barnett, a supervising accountant at Withum. “She came ready with questions.” Chou was in the first cohort of students to participate in RBS-New Brunswick’s Road to CPA mentorship program. By speaking with Barnett twice a month, she gained insight into the work culture at a midsize firm, striking a work-life balance, and job specialization. She also received guidance on how best to earn the 150 credits required for the certified public accountant exam and choosing summer classes. “It was a great, personal experience,” said Chou, who is a Rutgers Business School junior.

Nothing left to chance: The life of a lottery auditor [Journal of Accountancy]
Imani Hudgins’ checklist contains agreed-upon procedures that she oversees in advance of the camera operators joining her in the Raleigh, N.C., television production studio. When the red light goes on, Hudgins stands just a few feet off camera to ensure that the live drawing goes off without a hitch. Four days a week on average, Hudgins serves as auditor for the NC Education Lottery (NCEL).

Brand Visibility In The Competition For Talent [Business Plus]
Didn’t they write the same thing about millennials when we entered the workforce 20+ years ago?
The first step towards effective graduate recruitment is ensuring you understand your target candidates. The typical upcoming graduate is in their early-mid 20s, making them part of Generation Z. Many of this this cohort looks for specific employer qualities. They want to feel challenged and need to know that their entry-level role will enable them to grow as a professional. They tend to have big, out-of-the-box ideas and they want to work somewhere that appreciates them. They think highly of firms that offer workplace flexibility and will often consider this when comparing different firms.

Law

EY, China Resources Land Deny Auditor’s Senior Managers Illegally Bought Developer’s Homes [Yicai Global]
Ernst & Young and China Resources Land have denied that senior managers at the Chinese arm of the global accounting firm illegally purchased at least 10 houses from the Chinese property developer at a low price. The accusation is false, the pair said in separate statements. EY, which is China Resources Land’s independent auditor, announced on its official WeChat account that it had taken legal action in relation to the anonymous accusatory letter circulating online, including filing a lawsuit. China Resources Land noted that it would pursue legal action against the person who wrote the letter. The letter claimed that with the help of China Resources Land’s local management team, most members of EY China’s leadership team, including the boss of the independent auditor who is responsible for the builder’s auditing work, illegally bought more than 10 houses in a project of China Resources Land in Haikou, Hainan province at the end of 2019 for much less than the cost of existing homes in the surrounding area to make money through speculation.

Supreme Court allows federal agencies to be taken to court [Courthouse News Service]

The Supreme Court was unanimous on Friday in ruling that constitutional claims against federal agencies can be brought in U.S. district court.

The second case came from Michelle Cochran, an accountant from Texas, who joined a small accounting firm that performed auditing work for companies in 2017. Cochran worked 10 to 15 hours per week at the Hall Group, during which she observed a toxic work environment that required employees to agree to unmeetable deadlines at the risk of termination. According to Cochran, David Hall, the firm’s principal, was responsible for these conditions, often berating employees.

Hall asked Cochran to become a nonequity partner in 2012 in order to continue working at the firm. Cochran would get no increase in pay for taking on this position, but she would be required to take on more responsibility and work longer hours. Cochran declined the offer and left the firm in 2013.

Three years after leaving the firm, the Securities and Exchange Commission filed an order instituting proceedings against Hall, Cochran and another employee for violations of the Exchange Act, including failing to comply with auditing documentation requirements.

The case was sent to an administrative law judge who ruled against Cochran, assigning her a $22,500 penalty and ban from practicing before the SEC for five years. The commission reviewed the ruling and vacated the judge’s decision, however, Cochran was assigned a new administrative law judge to undergo a new round of administrative proceedings.

Cochran sued the SEC in 2019 for constitutional deficiencies in the SEC’s administrative proceedings. The district court dismissed the case for lack of jurisdiction. At divided panel of the Fifth Circuit affirmed but that decision was vacated in favor of an en banc rehearing where the appeals court reversed, finding that district courts had jurisdiction to hear appeals like Cochran’s.

She asked the Supreme Court to uphold the Fifth Circuit’s ruling.

The post Friday Footnotes: Staffing Disasters; Let’s Rag on EY; A Warning For Tax Practitioners | 4.14.23 appeared first on Going Concern.

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Friday Footnotes: How to Add ChatGPT to Excel; RSM Wins Awards; Auditor Independence Pitfalls | 4.7.23 https://www.goingconcern.com/friday-footnotes-how-to-add-chatgpt-to-excel-rsm-wins-awards-auditor-independence-pitfalls-4-7-23/ Fri, 07 Apr 2023 21:00:08 +0000 https://www.goingconcern.com/?p=1000581825 Footnotes is a collection of stories from around the accounting profession curated by actual humans […]

The post Friday Footnotes: How to Add ChatGPT to Excel; RSM Wins Awards; Auditor Independence Pitfalls | 4.7.23 appeared first on Going Concern.

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Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya.

AI

Cranium launches out of KPMG’s venture studio to tackle AI security [TechCrunch]
Several years ago, Jonathan Dambrot, a partner at KPMG, was helping customers deploy and develop AI systems when he started to notice certain gaps in compliance and security. According to him, no one could explain whether their AI was secure — or even who was responsible for ensuring that.

“Fundamentally, data scientists don’t understand the cybersecurity risks of AI and cyber professionals don’t understand data science the way they understand other topics in technology,” Dambrot told TechCrunch in an email interview. “More awareness of these risks and legislation will be required to ensure these risks are addressed appropriately and that organizations are making decisions on safe and secure AI systems.”

Dambrot’s perception led him to pitch KPMG Studio, KPMG’s internal accelerator, on funding and incubating a software startup to solve the challenges around AI security and compliance. Along with two other co-founders, Felix Knoll (a “growth leader” at KPMG Studio) and Paul Spicer (a “product owner” at KPMG), and a team of about 25 developers and data scientists, Dambrot spun out the business — Cranium.

Build ChatGPT into Excel [Journal of Accountancy]
Note that this process currently works in Microsoft Excel 365, Microsoft Excel 365 for Mac, and Excel for the web. The demonstration shown here was done using Microsoft 365 for a PC. Other devices may work differently.

Client warns consultants about using ChatGPT-like bots for proposals [Australian Financial Review]
Consulting firms risk misrepresenting what their firms can and cannot do when using artificial intelligence chatbots to develop sales proposals, a procurement specialist has warned. Firms could inadvertently create proposals that falsely claim their experts have a capability they do not possess, or might omit a capability the firm’s professionals do have, the specialist said, asking not to be identified because they are not authorised to speak to the media.

PwC offers cutting edge AI technology with ContractPodAi [ERP Today Magazine]
PwC has entered into an alliance with ContractPodAi, allowing the firm to offer a cutting edge AI-powered legal contract management platform. The alliance is part of PwC UK’s technology-driven strategic plan to reframe the way traditional tax, legal and people services are delivered.

If Your Job Exposed to ChatGPT? [Wall Street Journal]
A tap story from WSJ says accountants and writers are among the jobs that could be most affected by AI tools (*gulp*)

Big 4

March people moves: KPMG, Deloitte, PwC make senior hires [AccountancyAge]
Musical chairs across the pond.

Big Four Auditors and Consultants Need Liability—And a Divorce [Bloomberg Tax]
Part of the problem is the revolving door of personnel between the major accounting firms and the banks they purport to audit. Signature and First Republic were both led by former KPMG partners, and KPMG was the auditor for Silicon Valley Bank for nearly 30 years. Could relationships form that give rise to conflicts of interest when it comes to telling a colleague of nearly three decades that there might be precariousness hiding in their books? I can imagine it.

Further, accounting firms have no incentive to draw attention to potential problems, rather than just explicit and clear problems, because it may trigger just what happened anyway. Banks with high average deposits and relatively few depositors are especially at risk, as they may be a conference call with a few dozen participants away from seeing a sizable percentage of their deposit base pull their money.

How Professional Services Firm EY Is Making Government’s Online Presences Accessible To All Citizens [Forbes]
Early last month, London-based professional services company EY released a report which examined why digital accessibility is so important to invest in and how companies can best achieve it. The report, underwritten by EY, is called Delivering Digital Access and Equity in the Public Sector (PDF). It surveyed 178 governmental leaders (federal, state, county, and municipal), customer experience, and IT professionals to uncover what, if any, strides are being made to amplify digital accessibility for the disabled contingent of the citizenry.

Audit

Independence Matters: Avoiding Pitfalls for the Unwary [The CPA Journal]
Auditor Independence is integral to the financial reporting system and trust in the capital markets. But recent cases against large audit firms underscore the challenges firms face in ensuring independence and the seriousness with which the SEC enforces its regulations. In the author’s opinion, too many auditors misinterpret the SEC’s independence rules, which results in a checklist mentality to compliance that misses the true spirit of the SEC’s independence requirements.

SNP auditor’s resignation adds to party’s crisis amid finances investigation [The Guardian]
The accountancy firm that audits the Scottish National party’s accounts has resigned, adding to the party’s crisis following the police raid on the home of its former chief executive Peter Murrell. Murrell was arrested on Wednesday morning by police investigating the SNP’s finances. He was later released without charge pending further inquiries. The BBC, which first reported Johnston Carmichael’s resignation, said it had been told the firm resigned before Murrell’s arrest.

Exclusive: Revolut audit queries, skittish regulators complicate its UK licence bid -sources [Reuters]
After the accuracy of Revolut Ltd.’s accounts drew scrutiny from regulators, the firm’s plan to secure a U.K. banking licence is facing delays, according to two people familiar with the company.

Last month, audit firm BDO issued a so-called qualified opinion for Revolut’s 2021 accounts. While BDO said Revolut’s financial statements gave a “true and fair view of the state of the group,” it cautioned in the same filing that some information related to revenues may have been “materially misstated.”

Media coverage of BDO’s warning on March 1 prompted immediate questions from financial regulators, a March 6 letter to Reuters from Revolut shows. In the letter, Revolut requested changes to Reuters’ article on the financial statements, which the news agency declined to make. Revolut’s lead counsel for disputes and investigations, Conal McFadyen, said the firm “had multiple enquiries from our regulators in the U.K. and overseas” seeking further explanation about the auditor’s opinion.

Practice

Firm sets retirement age at 85 to avert staffing crisis [Accounting Today Voices]
Accounting Today ran an April Fool’s joke
On Saturday, April 1, it was reported that, while the accounting profession struggles with an ongoing talent shortage, local CPA firm Watts, Taber and Fiske has found a viable option for staying independent: It raised its minimum age for partner retirement from 62 to 85, giving the firm an extra 23 years to search for the right talent to succeed its hard-working senior partners.

While hoping to maintain their original age of 62, so that retiring partners could pass the torch to a promised line of up-and-coming CPAs, WTF realized that the pipeline was less than empty and they needed a new strategy.

“We thought we’d be able to promote Kayleigh and Brian, but it turns out they’ve decided they just want to work 45 hours a week while they raise their children. And that’s obviously inconsistent with the expectations of an equity partner,” said managing partner Bill Billings.

Atlanta Deloitte executive: Now more than ever give workers ‘what they’re looking for’ to grow career (Podcast) [Atlanta Business Chronicle]
“I think leaders are underestimating just how much employees are struggling at this point,” said Ed Heys, managing partner of the Atlanta office of Deloitte. But he is encouraged by data that show a growing number of leaders are taking on well-being as part of their responsibility.
Listen:

‘Status quo is the riskiest option’: One leader’s proven approach [Journal of Accountancy podcast]
Joey Havens, CPA of Horne: Theory says, for example, that if you have flexibility, just tell people you have flexibility. Flexibility is your policy. You’ll be on track. But flexibility is dead when leaders continue to control the where, when, and how. It’s dead on arrival when leaders don’t demonstrate flexibility. It’s dead on arrival when there’s too many exceptions to it.

Firm Watch

Client Choice Awards: The leading accounting and consulting firms [Consulting.com.au]
Professional services firm RSM has won the accounting and consulting Client Choice Award for providers generating upwards of $200 million, as well as taking home the awards for best ‘Professional Services Firm’ and best overall ‘Provider to Government & Community’.

Other Stuff

Declines in Loan Values Are Widespread Among Banks [Wall Street Journal]
Banks reporting large fair-value discounts on their loans could face earnings or liquidity pressure. They could face pressure to pay higher rates for deposits and other funding sources, while yields on fixed-rate loans they own stay low. “If liquidity issues arise for these banks, they may need either to issue additional debt capital at higher interest rates or to sell those loans to become more liquid,” said Tom Linsmeier, an accounting professor at the University of Wisconsin and former member of the Financial Accounting Standards Board. The 435 banks in The Wall Street Journal’s sample included 100 where the combined unrealized losses on loans and held-to-maturity securities were equivalent to 50% or more of their total equity.

Fake Accountant Admits Stealing $1.5 Million In Scam That Targeted NJ Schools, Nonprofits: Feds [Hudson Daily Voice]
For nine years, Yezenia Castillo falsely claimed to be an accountant, offering her serves to non-profits throughout the state, Sellinger said. Upon being hired, Castillo would charge money for services she never performed or transfer client funds to her own accounts, Sellinger said. Castillo also took money to pay their taxes, but instead pocketed the money, Sellinger said. Castillo would falsify receipts to continue her scheme and ended up defrauding more than 100 victims, Sellinger said. Castillo faces up to 20 years in prison and a $250,000 fine. She is scheduled to be sentenced in August.

First black female chartered accountant publishes first book [News24]
The first South African black female chartered accountant, Nonkululeko Gobodo, from Corana locality in Mthatha but residing in Johannesburg, has published her first book titled Awakened To My True self. She said this book is about her life, as she was the first black South African female to obtain the qualification of chartered accountant in 1987. “People are always surprised when they hear about my journey, to the extent that they used to ask me about writing my book. I ended up writing this book with the aim of telling my story,” said Gobodo.

The post Friday Footnotes: How to Add ChatGPT to Excel; RSM Wins Awards; Auditor Independence Pitfalls | 4.7.23 appeared first on Going Concern.

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Friday Footnotes: EY Partners Are Split on the Split; PCAOB Further Annoys Auditors; Recruiting Events Are Back! | 3.31.23 https://www.goingconcern.com/friday-footnotes-ey-partners-are-split-on-the-split-pcaob-further-annoys-auditors-recruiting-events-are-back-3-31-23/ Fri, 31 Mar 2023 21:00:18 +0000 https://www.goingconcern.com/?p=1000573519 Remember tomorrow is April Fool’s. We aren’t planning anything, every day is a joke for […]

The post Friday Footnotes: EY Partners Are Split on the Split; PCAOB Further Annoys Auditors; Recruiting Events Are Back! | 3.31.23 appeared first on Going Concern.

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Remember tomorrow is April Fool’s. We aren’t planning anything, every day is a joke for us. For nostalgia’s sake, here’s a look back on the time we wrote only about bitcoin and put a fake bitcoin paywall on the site for a couple hours. People did not enjoy that.

Big 4

EY Fails to Reach Deal on Split [Wall Street Journal]
The unexpected revolt that has upended the planned breakup of accounting firm Ernst & Young is being driven by two longtime U.S. auditors who believe their part of the firm could end up weakened by a deal. John King and Frank Mahoney, senior U.S. EY executives, have emerged as key opponents to the firm’s plan for a worldwide split of its auditing and consulting arms, according to people familiar with the matter. After a year of planning and tens of millions of dollars in costs, the split of the 390,000-person accounting firm was put on hold earlier this month. A meeting in Silicon Valley this week failed to reach a deal. Carmine Di Sibio, EY’s global leader, and Julie Boland, head of the firm’s U.S. arm, said in a joint statement Friday they were “continuing to work toward a transaction.” The deal is “very complicated, and we agree it is critical that we get the key elements right,” the statement added.

Pace University Hosts First In-person Job Fair Since the Start of the Pandemic [Pace University]
The fair was open to all majors and was sponsored by PricewaterhouseCoopers (PwC), which is among the Big Four accounting firms, offering clients various professional business services, including accounting, auditing, human resources consulting, and strategy management.

Big Four firms see spike in client requests for AI integration [The Economic Times]
The Big Four firms, Deloitte, EY, KPMG and PwC, are receiving increasing client requests for AI integration in projects after the success of ChatGPT, while also actively exploring the use of AI technology within their own service offerings. “Clients are really excited about generative AI and what it can do for their businesses. We are seeing interest in several large customer service projects that we are currently involved in. We have already begun embedding some bits of generative AI into these projects, which is truly remarkable,” said MaheshMakhija, leader, digital and emerging technologies, EYIndia.

KPMG JOINS FORCES WITH STEPHEN CURRY AS TITLE SPONSOR FOR UNDERRATED GOLF TOUR [PR Newswire]
WHY ARE YOU YELLING
Today, Stephen Curry’s UNDERRATED Golf program announced KPMG LLP, the U.S. audit, tax and advisory firm, as title sponsor in an effort to advance equity, access and opportunity for underrepresented and underrated youth in the sport of golf. KPMG will bring a multitude of new offerings to enhance the tour, including a mentoring and leadership development program for the participating youth. “KPMG’s sponsorship of UNDERRATED Golf further exemplifies our focus on advancing diversity, equity and inclusion within our firm and the broader marketplace,” said KPMG U.S. Chair and CEO Paul Knopp. “We look forward to working with Stephen Curry, Mariah Stackhouse and the UNDERRATED Golf team to positively impact the diversity pipeline in golf and empower young athletes as leaders both on and off the course through meaningful leadership development and mentorship opportunities.”

Teacher transitions from the classroom to a major accounting firm — and reminds others ‘you haven’t just taught’ [Insider]
Sanders was still passionate about his job and the subject matter. But when he took a hard look at his finances, he realized over two-thirds of his take-home pay was going toward his rent — and it made him wonder what the next five years of his life could look like. “If I stayed in the industry, not just that one school, or one system, but, if I stayed doing this, even if I hopped around, what realistically could I expect,” Sanders, 27, said in an interview with Insider. He’d entered the teaching profession with no illusions about money. He figured it would be an opportunity to work and support himself, while staying involved in his favorite subject, but when it became harder to make ends meet, it pushed him to find other options. Sanders, who is now a CEO Action for Racial Equity Fellow at PricewaterhouseCoopers, a Big Four accounting firm, talked to Insider about his teaching experience and how he transitioned into his current role.

Brazil’s Americanas faces extended bankruptcy battle with creditors -sources [Reuters]
Only creditors that are not suing Americanas will be able to participate in those proposals, according to the plan. For creditors who decide to sue the retailer, the plan proposes a discount of 80% to be paid in March 2043. The company must win approval for the plan from the majority of its creditors in time for a general meeting expected by this semester. Aurelio Valporto, who heads the Brazilian investor group Abradin and has asked the country’s securities watchdog CVM to investigate the company, its executives and accounting firm PwC, said the treatment given to “class 3” creditors was unreasonable and “disrespectful.” “All the confidence the banks showed by providing unsecured loans to Americanas was repaid with a failure in the billions of dollars,” he said. “It’s clear that this plan won’t be approved.”

Talent

Falling short: Accounting firms feel labor squeeze [Virginia Business]
The profession’s numbers are being crunched from both ends, both nationwide and in Virginia. “It’s a war,” declares Fran Randall, a partner and Richmond market leader for Forvis, one of the nation’s top 10 accounting firms. “Everyone is fighting for the same talent.” Stephanie Peters, CEO and president of the Virginia Society of CPAs (VSCPA), seconds that assessment. The state has about 28,000 licensed CPAs, she says, but “even to maintain [those numbers] will be an effort.”

KPMG adds eight professionals to tax business [Consulting.us]
KPMG US has announced the hiring of eight partners, principals, and managing directors across its tax business line. One each from Deloitte, EY, and PwC, and one — Christopher Bajec (partner, state and local tax, Fort Worth)– rejoins the company from The Energy & Minerals Group, where he was chief tax officer. He previously held various tax roles at KPMG.

Accountants’ Salaries Are Rising, but It May Not Add Up to More Accountants [Wall Street Journal]
The salaries offered to U.S. accountants and auditors last year climbed at their quickest pace in recent years, but industry observers say increasing pay alone may not be enough to remedy a national shortage of accountants. “For what we do, the amount of work we put into it and for as critical as we are to the overall health of the financial markets, it’s not paid enough,” said Dane Dowell, an accounting and auditing consultant. Pay across five seniority levels, from entry level through vice presidents, is also up. These average salaries climbed by 12% to nearly $87,000 in 2022 and by 9% to nearly $90,000 this year through February, compared with prior periods, Revelio Labs data showed.

Audit

U.S. Audit Watchdog Proposes Move to Get Inspections Started Faster [Wall Street Journal]
The Public Company Accounting Oversight Board proposed cutting by more than half the amount of time auditors have to assemble final audit documentation, which might allow the audit watchdog to start its inspection process up to a month earlier and provide key information to investors sooner. The U.S. audit regulator has been working to update more than 30 standards that have gone largely unchanged since they were adopted on an interim basis roughly 20 years ago from the American Institute of Certified Public Accountants. With the proposal released Tuesday, the PCAOB suggested consolidating and modernizing four interim standards into one standard on auditors’ core responsibilities, including areas such as professional skepticism, independence, competence and professional judgment. As part of that update, auditors would have up to 14 days to assemble their final set of audit documentation, as opposed to the 45 days they are now granted. These documents usually help show whether the audit work complied with PCAOB standards.

Audit Regulatory Board Mum on Bank Failures as Critics Question Clean Audit Opinion for Silicon Valley Bank [Thomson Reuters]
For now, the Public Company Accounting Oversight Board (PCAOB) will not publicly address recent bank collapses, triggered by the abrupt, stunning failure of Silicon Valley Bank (SVB) three weeks ago. “I understand recent bank failures may be top of mind for many of you,” PCAOB Chair Erica Williams said at a meeting of the Standards and Emerging Issues Advisory Group on March 30, 2023. “The PCAOB is acutely aware of concerns from investors, and I know there are outstanding questions that must be answered,” Williams continued. “But today’s meeting is not the forum for providing those answers, and it’s important we avoid speculation.”

Get Ready for the Future of Auditing [The CPA Journal]
The increasing use of technology is changing how businesses operate, which methodology and technology auditors use, and what career paths they follow. But the future of audit is not only digitization and automation but also the increased interest of stakeholders—employees, investors, and customers—in an organization’s sustainability positioning, thinking, and actions. The demand for reporting to better understand a company’s performance and related risks is being coupled to technology to accelerate change in the audit profession.

Three key areas of transformation will be critical for the profession:

  • The scope of what auditors are analyzing is broadening beyond financial information to include environmental, social, and governance (ESG) topics, as well as advanced and automated technologies.
  • Technology and automation are increasingly being used to enable the audit.
  • Auditors will need next-generation skills to use these new technologies and audit these new areas.

Tax

New Corporate Minimum Tax Could Ensnare Some Firms Over One-Time Moves [Wall Street Journal]
A new corporate minimum tax is stoking concern among some companies that one-time activities, such as the sale of a business unit, will push them over the threshold for the levy even though the companies wouldn’t otherwise qualify. Some business leaders and companies, such as CenterPoint Energy Inc. and American Water Works Co., are raising the particular problem of so-called extraordinary items in which business segments were sold off and those transactions pushed average profits over the $1 billion mark even though the ongoing businesses aren’t above the threshold.

The post Friday Footnotes: EY Partners Are Split on the Split; PCAOB Further Annoys Auditors; Recruiting Events Are Back! | 3.31.23 appeared first on Going Concern.

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Friday Footnotes: Disengaged Team? Do This; Deloitte’s Huge India Expansion; Auditors Yelled At…Again | 3.24.23 https://www.goingconcern.com/friday-footnotes-disengaged-team-do-this-deloittes-huge-india-expansion-auditors-yelled-at-again-3-24-23/ Fri, 24 Mar 2023 21:00:55 +0000 https://www.goingconcern.com/?p=1000564422 Reminder: you have until April 17 to weigh in on a proposal to extend the […]

The post Friday Footnotes: Disengaged Team? Do This; Deloitte’s Huge India Expansion; Auditors Yelled At…Again | 3.24.23 appeared first on Going Concern.

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Reminder: you have until April 17 to weigh in on a proposal to extend the CPA exam window

Practice

Is it time for firms to transform their business model? [Journal of Accountancy]
Pandemic pressures have worn the workforce thin, and the economy is in the thick of rapid, radical change. It’s time for firm leaders to ensure their businesses are on course to not just survive but thrive. Many practitioners in public accounting are feeling burned out. They have been in crisis mode instead of being strategic about where they are going. This was necessary to help clients get through the pandemic, but now firms need to recognize how changes caused by COVID-19 — most notably the technology-fueled explosion of remote work and a talent shortage in many firms — have transformed the workforce and firm-client interactions.

How to transform a disengaged accounting team [Thomson Reuters]
Whether it is due to in-office employees desiring greater flexibility and work/life balance, remote staff feeling isolated and disconnected from the team, or employees, regardless of their location, simply feeling overworked and stressed, workplace engagement is a critical issue that leads to higher turnover rates. This article will explore how firms can transform a disengaged team and provide actionable insights firm leaders can set in motion today.

Firm Watch

Ex-BDO USA Workers Advance Narrowed 401(k) Plan Fee Challenge [Bloomberg Law]
Former BDO USA LLP employees who accused the accounting firm of mismanaging their $1.2 billion 401(k) plan advanced part of their proposed class action. The workers have viable ERISA claims based on BDO’s alleged failure to obtain the cheapest available share classes for certain plan investments, the US District Court for the Northern District of Illinois ruled Tuesday.

CLA, 8th Largest U.S. Accounting Firm, Sees 15% Growth On Way to $2 Billion [GlobeNewswire]
*makes jerkoff motion*
Accounting Today recently named CLA (CliftonLarsonAllen LLP) to its 2023 Top 100 Firms List. CLA ranked number eight, marking the sixth consecutive year the firm has been recognized and ranked at that level. CLA’s CEO Jen Leary shared: “As an organization, we care deeply about building a culture that’s a competitive advantage so we can provide the most impactful services for our clients. Our GenX leadership team is so grateful to the giants of the industry that came before us, laying the foundation for our success. Today we are executing on our Future Forward strategy and seeing results even faster than we expected.”

Armanino Expands Entertainment Expertise with the Addition of Blue Sky Group and Royalty Compliance Organization [Business Wire]
Armanino’s Business Management team, which serves some of the leading musicians, entertainers and music publishers among other clientele out of their New York City and Los Angeles offices, will now have an office in Nashville. Music City is the country’s fastest growing entertainment hotspot and an office in Nashville gives Armanino’s team and its clients the trifecta of office locations to serve the entertainment industry.

Tax

The IRS plans to tax some NFTs as collectibles — and the rich would pay up to 28% on profits [CNBC]
The IRS said it plans to tax some non-fungible tokens, or NFTs, as collectibles akin to art or gems — an approach that would tax profits for wealthy owners at a higher rate relative to assets such as stocks, real estate and cryptocurrency. The federal government levies taxes on collectibles held for more than a year at a top rate of 28%. It generally levies a top 20% rate on other investments. In a notice on Monday, the IRS said it intends to issue guidance regarding the treatment of certain NFTs as collectibles.

H&R Block accuses White Plains CPA of double-dip dealings [Westfair Online]
The 2023 tax season is well underway, H&R Block says, so “time is of the essence” to stop a former White Plains office manager from competing for customers. H&R Block sued Danny W. Stanton on March 20 in U.S. District Court, White Plains, seeking an order to ban him from using its trade secrets or providing tax and bookkeeping services to its clients. “Stanton’s scheme,” H&R Block alleges, “constituted a classic example of double-dipping.” He allegedly received a salary and support services from the tax preparation giant while diverting clients to his own business. Stanton was licensed as a certified public accountant in New York in 1988 and had previously run his own firm.

Audit

As Problems in Global Audit Persist, SEC Chief Accountant Reminds Lead Auditors of their Responsibilities [Thomson Reuters]
Securities and Exchange Commission Chief Accountant Paul Munter urged lead auditors to do a better job when other accounting firms and accountants participate in the audit because the staff has continued to observe shortcomings. In a March 17, 2023, statement, he pointed to the Public Company Accounting Oversight Board (PCAOB) disciplinary actions against auditors last year as well as SEC staff observations, which “highlight troubling instances where the lead auditor used audit work performed by another, affiliated audit firm that played a ‘substantial role’ in the audit, yet was not registered with the PCAOB.”

EY, KPMG and the fallout of two accounting scandals [Financial Times Opinion]
It is not just shareholders that have become ever more cautious in the wake of one of Europe’s largest accounting scandals. Auditors have done so too. This has become a problem for German real estate company Adler Group as it battles waning investor sentiment in the wake of a short seller attack in October 2021. Adler, ditched by its auditor KPMG last year after the Big Four firm issued a disclaimer opinion for the 2021 results, has so far been unsuccessful in its search for a replacement. The uncertainty has contributed to a 92 per cent drop in the company’s share price over the past year.

Big 4

This is the interview question Deloitte’s head of talent asks candidates to find out what’s most important to them [Fortune]
In an interview with Insider, Rizzo revealed his favorite interview question: “If you can highlight only one bullet, accomplishment, or activity on your résumé, what is it and why?” “This question tells us a lot about what’s important to the candidate,” he said.
From that one query, hiring managers can find out what a prospective new hire is most passionate about, what they’ve accomplished and how that reflects their strengths, as well as where their purpose and values lie. “I like this as an opening question because it allows the candidate to signal how they want to be known and remembered,” Rizzo added.

Deloitte inks one million square feet of office lease in Bangalore [The Economic Times]
Deloitte has inked deals with Prestige Group and Salarpuria to secure three office spaces spanning 1 million sq ft in a bid to bolster its operations in Bengaluru. Deloitte has hired nearly 50,000 professionals over the last three years, nearly doubling its headcount in India.

PwC and Labor to mend bridges at budget fundraiser [Australian Financial Review]
If you thought the federal government’s recent disgruntlement with PwC would spell the end of the consultancy’s central role in the fundraising that takes place around the May budget, you’d be entirely wrong. PwC has for years hosted lavish fundraising shindigs for the government on budget night, until recently in parliament’s Great Hall, giving some 400 senior business figures a chance to mingle with ministers shortly after the year’s most significant political set-piece. An equal opportunity political benefactor, PwC has done the same for the opposition (whoever it happens to be) following its budget reply speech. Recent unpleasantness aside, that isn’t changing. On Tuesday, May 9, the Federal Labor Business Forum has again invited select guests to the $5000-a-head federal budget dinner, hosted by PwC.

EY’s U.S. Auditors Are Demanding Concessions in Split [Wall Street Journal]
Ernst & Young’s renegade U.S. auditors are demanding that the firm examine the financial health of its potential offspring as they block a breakup of the global accounting firm. Julie Boland, EY’s U.S. chair and managing partner, called for rethinking the split, which has been in the works for more than a year. The U.S. audit partners want a bigger piece of the firm’s lucrative tax business. “The questions we need to resolve affect the capabilities and financial strength of both businesses,” said Ms. Boland, who was tapped to lead the global auditing business after the breakup. Ms. Boland two weeks ago sent shock waves through the Big Four firm by announcing a pause to the plan to split its auditing and consulting arms. The call for a rethink by EY’s U.S. arm has created a rift between the U.S., the firm’s largest business, and the rest of the world. Ms. Boland rejected suggestions that a few people on her executive committee were upending a blueprint supported by most of EY’s 13,000 partners. “There’s different points of view,” she said. “This is incredibly complex. People are asking the right questions, and we’re making sure we’re getting those questions answered.”

Other Stuff

Accounting-Fraud Indicator Signals Coming Economic Trouble [Wall Street Journal]
Manipulation of earnings from Corporate America is on the rise, an ominous omen for the U.S. economy. That is the conclusion of new research on accounting fraud, using a technique that flagged Enron as an earnings manipulator several years before the energy company’s spectacular 2001 implosion. Unless you study accounting, you have likely never come across the M-Score, which is the number underlying both the Enron episode and the economywide concern now. The “M” is for manipulation, and uses a company’s financial statements to determine whether it is engaging in manipulation. Since the 1990s, the metric has been used to identify red flags at individual companies. Now Messod D. Beneish, a professor of accounting at Indiana University who developed the M-Score in the 1990s, and several co-authors have calculated an aggregate score for nearly 2,000 companies. It shows a disturbing pattern in the historical data: The probability of manipulation usually rises rapidly in the quarters before the economy tips into recession.

U.S. Accounting Board Seeks Crypto Standards Requiring Firms to Report Price Shifts [CoinDesk]
U.S. accounting standards may be overhauled to specifically factor in crypto accounting, establishing a fair-value approach that would demand certain digital assets be measured at what they would go for in the markets, according to a change proposed this week by the Financial Accounting Standards Board. That’s a departure from the status quo, which marks only unrealized losses and has been seen by the industry as a barrier to crypto adoption.

Adaptability Is Key for Small Businesses as They Navigate the Accountant Shortage [Capterra]
Capterra’s 2023 Accounting Shortage Survey* of 297 business leaders found that 64% of organizations are struggling to find outside accounting firms that can support them. And to avoid delaying accounting tasks, more than half have adopted software.

The post Friday Footnotes: Disengaged Team? Do This; Deloitte’s Huge India Expansion; Auditors Yelled At…Again | 3.24.23 appeared first on Going Concern.

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Friday Footnotes: An Outsourcing Shortage Now Too?; Finally, Some Disruption; PwC Haters Celebrate Government Inquiry | 3.17.23 https://www.goingconcern.com/friday-footnotes-an-outsourcing-shortage-now-too-finally-some-disruption-pwc-haters-celebrate-government-inquiry-3-17-23/ Fri, 17 Mar 2023 21:00:19 +0000 https://www.goingconcern.com/?p=1000555156 There’s a lot happening this week. Which YAY because hooooo boy can it get boring […]

The post Friday Footnotes: An Outsourcing Shortage Now Too?; Finally, Some Disruption; PwC Haters Celebrate Government Inquiry | 3.17.23 appeared first on Going Concern.

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There’s a lot happening this week. Which YAY because hooooo boy can it get boring around here when there isn’t. First things first, check out what the AICPA is working on and when you’ve had a chance to review their idea, reach out with your feedback if you want. Comments are closed on Footnotes because no one here wants to be moderating comments on the weekend, you are however welcome to message the editor if you have something to say about this or any other story shared here.

Restoring Exam credits expired during COVID would help address CPA shortage [AICPA]
The accounting profession is confronted with a talent shortage, and reinstating CPA exam credits that have expired since January 1, 2020, could have an immediate impact on our CPA pipeline.

“The COVID-19 pandemic and the uncertainty that followed pandemic shutdowns disrupted the plans of countless students,” said AICPA CEO of Public Accounting Sue Coffey. “This initiative would offer thousands of students a chance to regain lost momentum and resume their path to CPA licensure.”

The National Association of State Boards of Accountancy (NASBA) recently reported it was establishing a task force to consider a proposed reinstatement. Any proposal would need to be reviewed and considered for adoption by each state board of accountancy.

“A proposal like this could allow for the reinstatement of credit for more than 15,000 CPA candidates and re-open the door for those candidates to complete their journeys to becoming licensed CPAs. I applaud NASBA for raising this possibility and exploring it with state boards of accountancy, since a comprehensive reinstatement effort could help offset hurdles to advancement that many CPA candidates faced due to circumstances outside their control,” said Coffey.

And now, some other news:

Education

The More Things Change, the More They Stay the Same: Addressing the CPA Pipeline Crisis [NASBA]
A pro-150 hour piece written by a guy who helped usher in the rule (and who was licensed at 120 units, obviously):
Yes, like me, many of us obtained a CPA license prior to the 150-credit hour education requirement, and we’re doing “just fine.” We need to acknowledge that we expect much more from our staff when they come to us — particularly during their first year with the firm—than we ever did before. If there were ever a time we need our young staff to come to us with more education not less, it’s now. That’s what CPA Evolution is all about–providing the education and the skillsets not needed yesterday, or even today, but those that will be needed for tomorrow! How can relying on the experience earned “yesterday” be an effective replacement for the education necessary to prepare our staff for what will be needed tomorrow? Many suggestions currently being offered by accounting groups and/or firms aim to address our immediate need. Certainly, credit goes to all who are attempting to do something. However, pipeline enhancement efforts that neglect to consider substantial equivalency and CPA licensure mobility will ultimately do more harm to the profession than good, when measured over the long-term.

Accounting Industry In Flux As Demands Impact Talent Pool And Professional Opportunities [Forbes]
A long read with comments from E. Scott Johnson, Ph.D., Associate Professor of the Practice of Accounting and Faculty Director of the Master of Accountancy (MAcc) Program at the Owen Graduate School of Management, Vanderbilt University on the changing landscape of accounting services and concerns about accounting education keeping up.
“Designing a comprehensive program for financial planning or wealth management is a big ask for all but especially for the largest business schools because of the diverse set of skills (and specialized classes) required for either career path,” says Johnson. “On top of a strong background in finance, both fields require extensive knowledge of tax law, and those are just the beginning of the hard skills needed to excel. The best financial planners or wealth managers will set themselves apart with outstanding soft skills.”
Johnson continues, “If accounting firms want to venture deeper into the world of financial planning or wealth management, I suspect they would not be able to find enough CPAs with the necessary skill set to easily step into the role. Because most accounting programs are laser-focused on turning out students who can pass the CPA Exam, there is precious little room left to offer such a wide range of electives.”
The opportunity on the professional side to provide additional services can run counter to the practicality of higher education programs. “If only a handful of students choose this niche path, then business schools would be investing time and money into courses that might be lightly attended. If there is one thing business schools understand, it is business, and the law of supply and demand makes it unlikely that many schools would be able to provide this type of ‘Swiss-army-knife’ educational path,” concludes Johnson.

Many Gen Zers don’t believe they need a college degree for a successful career. They might be right. [Fortune]
Forty percent believe college degrees aren’t necessary, finds a global study of more than 7,000 Gen Z workers conducted by freelancing job platform Fiverr in partnership with Censuswide. And 70% said they consider freelancing to be just as viable a career option as a traditional 9-to-5. (Of course, freelancers may have been more likely to see and take a survey hosted by a freelancing job platform.)

Practice

3 trends that will reshape accounting and finance in 2023 [Journal of Accountancy]
1. Your technology strategy will become your talent strategy
2. The journey to zero-day close will drive further adoption of accounting automation
3. Accounting will increasingly act as a value-creation partner to the business

Cultivating tech talent: A CPA firm leader’s elementary approach [Journal of Accountancy podcast]
Avani Desai, CPA, doesn’t trace her journey to becoming the CEO of a top firm to her youth — she goes back to before her birth, to the emphasis her grandparents put on education in the 1940s in India. In keeping with the “starting early” theme, Desai believes that, instead of talking to students about accounting in their third year of college, the profession needs to reach out to students in the third grade. And she lived that example recently, visiting her daughter’s elementary school classroom. In the latest episode of the JofA podcast, Desai talks about her career journey, how she found friends during a secondment in New York City, and how she juggles work and life.

Shifts in the accounting profession [The Manila Times]
You know how talent-strapped firms are relying on outsourcing to ease staff shortages? It seems there is a shortage brewing in The Philippines.
The growth in virtual assistants enabled by digital technologies, are outsourced by firms and professionals from abroad, which is now encroaching into the accounting services, apart from the usual secretarial services. The demand for virtual bookkeeping assistants are on the rise, as these professional independent contractors can remotely manage the day-to-day finances of a firm, such as preparing balance sheets. creating general ledgers, organizing financial statements, and handling pricing and invoicing. The Philippines is obviously one of the beneficiaries of this shift but the rise in virtual assistant bookkeepers are creating a shortage in accounting professions among medium and large firms.

10 Ways GPT-4 Is Impressive but Still Flawed [New York Times]
On a recent evening, Anil Gehi, an associate professor of medicine and a cardiologist at the University of North Carolina at Chapel Hill, described to the chatbot the medical history of a patient he had seen a day earlier, including the complications the patient experienced after being admitted to the hospital. The description contained several medical terms that laypeople would not recognize. When Dr. Gehi asked how he should have treated the patient, the chatbot gave him the perfect answer. “That is exactly how we treated the patient,” he said. When he tried other scenarios, the bot gave similarly impressive answers. That knowledge is unlikely to be on display every time the bot is used. It still needs experts like Dr. Gehi to judge its responses and carry out the medical procedures. But it can exhibit this kind of expertise across many areas, from computer programming to accounting.

Big 4

The WWE is negotiating to legalize betting on its (scripted) matches [KERA News]
CNBC media reporter Alex Sherman says to KERA: WWE has been working with EY, commonly known as Ernst & Young, a big accounting firm, on securing the results of a sampling of hand-picked matches. This is all sort of hypothetical at this point, but they’re looking to the Academy Awards, actually, as their template for why they feel like they might be able to convince regulators and then betting companies to go along with this plan. In a few states in the country today, it is already legal to bet on the Oscars. And, in that case, there is an accounting firm – famously, PricewaterhouseCoopers – that works with the Academy Awards to put its known results under lock and key, sealed away, until the awards show announces the results. So that’s not a scripted set of results, yet it is known prior to the event, and gambling is legal on the Oscars.
So the pitch from WWE is that that’s actually not really all that different from what we’re doing. Yes, we’re scripting it, but we can present the scenario to you where a very, very few amount of people will know the answers to this. We’ll allow gambling on it for a certain amount of time, then we’ll turn the gambling off. Then we will tell the performers and the production crew who’s going to win and how the script should go, and then the match will happen. And in the meantime, over the course of weeks or months or whatever it may be, the people that gambled on the match would then win or lose with the results. So that’s the pitch. Whether or not this pitch will actually be accepted – still to be determined.

Accounting expert discusses EY, Deloitte, KPMG and PwC’s move into the legal sector [bytestart]
In 2022, 13% of law firms in the UK reported losing contracts to one of the Big Four, again showing that this shift is impacting the market in serious ways. Over in the US, top law firms say that they are facing even more competition for work from the accountancy giants, with 24% reporting losing business to the Big Four in 2022 and experiencing trading difficulties. Over in the US, there are signs that deregulation of the legal sector could open up yet more opportunities for accountancy firms to scoop up even more of the legal market.

PwC invests millions to support underrepresented students [Accounting Today]
As part of PwC’s $125 million Access Your Potential initiative, the PwC Charitable Foundation is committing $25 million in grants over the next five years to create pathways for historically underrepresented community college students to move into careers. According to Michael Sutphin, president of the PwC Charitable Foundation, the investment seeks to upskill students, get them prepared with career readiness and provide them with the digital skills they need to succeed academically and professionally. By leveraging the intellectual capital of PwC, Sutphin said the goal was to strengthen the broader community college system and provide training to students who otherwise might not have access to valuable resources.

Rivals (privately) hope consulting inquiry focuses on PwC [Australian Financial Review]
Senior partners at major consulting firms privately hope that the new Senate probe into conflicts of interest at Australia’s largest firms focuses on PwC’s damaging tax leaks scandal and blames it for putting the entire sector under the spotlight. The rival operatives, who spoke on condition of anonymity, say the leaks scandal gave the Greens and the Labor government an excuse to scrutinise their public sector work yet again. The official focus of the inquiry is about unethical behaviour by consultants engaged in lucrative federal government work. The committee is accepting submissions until April 21 and intends to report by September 26. “Clearly, the inquiry is directly related to recent Tax Practitioner Board reports [about PwC],” one senior consulting insider at a rival firm said.

Audit

Deloitte Hit by Record China Fine, Suspension Over Huarong [Bloomberg News]
China suspended the operations of Deloitte & Touche LLP’s Beijing office for three months and fined the firm after a review of its work on auditing of China Huarong Asset Management Co. After on-site inspections, a review and a hearing the Ministry of Finance found that Deloitte had “serious audit deficiencies” in its work with Huarong between 2014 and 2019, according to a statement. The firm was fined about 212 million yuan ($30.8 million).

US regulators to meet Deloitte, EY in Hong Kong next week to prepare for summer inspections of audits of US-listed Chinese firms [South China Morning Post]
American accounting regulators will come to Hong Kong next week to hold “preparatory meetings” with Deloitte and EY ahead of inspections later in the year as they seek to assess their auditing of Chinese companies listed in the US, according to people familiar with the matter. Executives of the Public Company Accounting Oversight Board (PCAOB) will meet senior management of the two accounting firms in an attempt to understand their internal controls and operations, three sources who did not wish to be identified told the Post. The PCAOB will inform Deloitte and EY at a later stage which companies or new listings it wants to inspect, said one of the sources. The inspections will be conducted in the summer or September.

Audit quality concern from 2022 monitoring reviews [ICAEW]
Recent data shared by the Quality Assurance Department (QAD) for the calendar year 2022 gives a greater cause for concern, with conclusions from this latest period showing a deterioration in audit quality to just 71% good or generally acceptable compared to 77% for the previous calendar year. QAD experience suggests that this downward trend is likely to be echoed in its final conclusions on the year ended 31 March 2023. Whilst QAD statistics always come with a health warning, explaining that they represent reviews at a substantially different population of firms each year, this is a significant change to see over a single year.

Debunking common myths about auditors, auditing [The Journal Record]
The people of Oklahoma get a lesson on what audit is.
Auditing is the process of examining and evaluating an organization’s financial statements to ensure those financial statements are a fair and accurate representation of the transactions they claim to represent in compliance with generally accepted accounting principles. Despite the importance of this process, there are several common myths surrounding auditing that can mislead individuals and organizations. There are a number of myths surrounding audits and auditing that need debunking.

Firm Watch

Elliott Davis forges its own path after canceled merger with Texas-based Whitley Penn [Upstate Business Journal]
The cancelation of the merger comes a year and a half after Elliott Davis set down even sturdier roots in the Greenville business ecosystem by opening new offices downtown. Situated on floors four through six in the Camperdown development, with floor-to-ceiling windows providing an expansive view of the downtown skyline, the new 75,000-square-foot offices of Elliott Davis were designed to reimagine how offices should complement the lives of the employees who flow through its spaces. “Clearly, we wanted to provide a work environment that was attractive, but we also wanted to provide a work environment that was reflective of our values,” [Elliott Davis CEO Rick] Davis said at the opening of the new offices. “I would say that the flexibility people expect today is certainly a component you’ve got to build into anything.”

Background: The Elliott Davis/Whitley Penn Merger Fell Apart in the Eleventh Hour, RIP Elliott Penn

CLA Launches Paid High School Accounting Internships in 15 Locations [CPA Practice Advisor]
CLA’s high school internship program was created with high school students, for high school students. It will provide students with hands-on work experience and opportunities to collaborate with high school students from across the country. Interns can gain experience on multiple projects including client service simulations and social media development. The internship program will also offer students the opportunity to engage in presentations and competitions. The internship program is open to students between 16 and 18 years old and will be available in 15 select CLA offices nationwide. The program begins June 19, 2023, and applications are now being accepted at CLAconnect.com/en/hsintern.

Other Stuff

Tips offered to CRE pros following bank failures [Mortgage Professional America]
Last week’s collapse of Silicon Valley Bank and Signature Bank send shock waves across the banking industry after both were shut down by the Federal Deposit Insurance Corp. In the wake of those failures, EisnerAmper pros offer strategies and best practices that real estate leaders can employ to secure their portfolios during time of institutional instability.

SEC’s climate reporting draft rule draws huge public comment [AP]
A closely watched rule from the Securities and Exchange Commission that would require public companies to say much more to shareholders about how their operations affect the climate has generated more public comment than many recent regulations from the agency, attorneys and industry experts say. The SEC is expected to issue a final rule in the spring following a draft last summer that drew nearly 15,000 comments, according to SEC Chairman Gary Gensler. The rule would make the U.S. the latest government, after the European Union, to regulate what companies must report on their greenhouse gas emissions and energy consumption. Companies could have to report on the cost of climate change for their business above a certain threshold. “Anecdotally, I’ve never seen this number of comments come back on anything proposed by the SEC,” said Steve Soter, vice president at Workiva, a software company that helps companies with regulatory and financial reporting.

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Accounting Firm Leaders Cite ‘Rising Salaries’ As The Second Biggest Problem Facing Their Firms https://www.goingconcern.com/accounting-firm-leaders-cite-rising-salaries-as-the-second-biggest-problem-facing-their-firms/ https://www.goingconcern.com/accounting-firm-leaders-cite-rising-salaries-as-the-second-biggest-problem-facing-their-firms/#comments Thu, 16 Mar 2023 21:20:12 +0000 https://www.goingconcern.com/?p=1000553881 Accounting Today has published “The 20 biggest problems for firms in 2023” and no one […]

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Accounting Today has published “The 20 biggest problems for firms in 2023” and no one will be surprised to find out that the war for talent ranks #1 among the firms AT surveyed. Talent actually has its tentacles in a number of problems on AT’s list and spills over into several items–capacity issues, burnout, retention. Hell, half the list is related to talent. Writes Dan Hood: “[S]taffing is by far the most serious concern (so massive, in fact, that it has fragmented into a handful of major issues and takes up five spots on our list).”

Since we’re all sick about talking about the talent shortage, let’s take a look at the second biggest problem for firms in 2023: Rising salaries.

Text:

2. Rising salaries

Scarce supply and high demand can only mean one thing: higher prices.

“Rapidly rising compensation rates in our industry — and poaching from large, national firms” are serious problems for firms, according to Erica Ishida, president and COO of Ohio’s Apple Growth Partners.

Firms have to pay talent so much more, in fact, that many of them share the concern of Glen Swanson, CFO at MHCS in Iowa, about “maintaining profitability while having to significantly increase salaries.”

Raising salaries to levels that would put accounting back in the game as an attractive major to students is indubitably a hardship for firms. F.

We have said this before but raising salaries now would hurt a lot less had firms done a better job of doing it over the last decade and a half or so. You know, incrementally. Instead, firms skated by year after year as computer science lured the would-be accountants away with its shiny technology and superior starting salaries. Suddenly 15 years have gone by and new hires are making basically the same money their predecessors — who are now partner age — made when they were hired in the early ‘aughts. That’s changing now, thankfully, but it should have been done a decade ago.

While we’re here, let’s look at accounting’s biggest issues in 2017 (Accounting Today):

Firms continue to face a myriad of issues that affect the way they work, including increased regulation and global complexity, a shift in the workforce, and new client demands for value-added services.

More recently, though, new issues have emerged that have actually put into question the role and value of accountants in general, such as artificial intelligence and robotic process automation, which has really shined a spotlight on the profession. The Boston Consulting Group predicts that by 2025, up to one quarter of jobs will be replaced by either smart software or robots. A separate study from Oxford University suggests that 35 percent of existing jobs in the United Kingdom are at risk of automation in the next 20 years. Among the top 10 percent of jobs most likely to be automated: insurance underwriters, tax preparers, loan officers, credit analysts, and accounting professionals.

Ah to go back to the days when they were threatening to put you out of work! If only firms had been more proactive about the salary issue, they’d have five better problems to focus their efforts on in 2023. Like automation, succession planning, and how to get more Papa John’s coupons.

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Friday Footnotes: KPMG Client’s Spectacular Failure; PwC Gets Defensive; Kids Doing Taxes | 3.10.23 https://www.goingconcern.com/friday-footnotes-kpmg-clients-spectacular-failure-pwc-gets-defensive-kids-doing-taxes-3-10-23/ Fri, 10 Mar 2023 22:00:49 +0000 https://www.goingconcern.com/?p=1000545942 Some things are happening today. Bank Fail Friday is back! What does Silicon Valley Bank’s […]

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Some things are happening today. Bank Fail Friday is back!

What does Silicon Valley Bank’s collapse mean for the financial system? [The Economist]
Two ways. Gradually, then suddenly. That is how Silicon Valley Bank (svb), the 16th-largest lender in America, with about $200bn in assets, went bust. Its financial position deteriorated over several years. But just two days elapsed between the San Francisco-based bank’s announcement on March 8th that it was seeking to raise $2.5bn to plug a hole in its balance-sheet, and the declaration by the Federal Deposit Insurance Corporation, which regulates American bank deposits, that svb had failed.

Big 4

The original post was deleted and disappeared just before press time. Have a screenshot instead and check out that upvote ratio (!)

And I oop–

It’s true (Part II, Item 8 “Report of Independent Registered Public Accounting Firm”). KPMG has served as SVB auditor since 1994.

Deloitte Appoints Dipti Gulati as Chair and CEO of Deloitte & Touche LLP and Carin Giuliante as Chair and CEO of Deloitte Tax LLP [PR Newswire]
“As strategic leaders, Dipti and Carin have proven track records of serving our clients with dedication and quality, and of fostering a culture of engagement, inclusion and purpose among our people and the communities we serve,” said Jason Girzadas, CEO-Elect, Deloitte US. “This is an incredibly dynamic time for our organization, and I look forward to working with these visionary leaders who are well positioned to drive Deloitte’s continued marketplace leadership with a focus on meeting the evolving needs of our clients, supporting our people and helping build trust and confidence in capital markets.” Gulati will succeed Lara Abrash, who has been elected chair of the Deloitte’s US board of directors effective June 4, 2023, and Giuliante will succeed Steve Kimble.

PwC CEO defends firm over robo-debt work [Australian Financial Review]
PwC chief executive Tom Seymour has defended the firm’s robo-debt work, saying its consultants highlighted problems with the program and routinely communicate findings to clients in slide presentations instead of written reports. His comments come after the royal commission into the illegal scheme heard PwC’s final report into the program was never delivered and that the firm’s findings were going to be marked for cabinet consideration to ensure they were not made public. “What happened was we issued a slide presentation with all the facts to the government, and what the government said [this week] in the royal commission was, ‘We got that, that told us what we needed, and it told us what we had to do to fix the issues’,” Mr Seymour told The Australian Financial Review Business Summit on Wednesday.

Deloitte, EY Offer Competing Tools to Curb Carbon Emissions [Bloomberg Tax]
Big Four rivals Deloitte and Ernst & Young announced Wednesday similar offerings to help companies weigh options to reduce their emissions of planet-warming greenhouse gases.

Tax

These Philadelphia high school students can do your taxes as well as any CPA — for free [KYW Newsradio]
Students in the VITA program gain skills that can bolster their resumes, said Denise Magasich, a business and finance programs specialist from the school district’s career and technical education office. “If you could see a student has IRS certifications for three years, QuickBooks and Microsoft certification, that’s going to really set them apart of other students who are going for the same type of job. So it really qualifies our students and gives them a leg up,” she said.

U.S. deficit grows to $262 billion in February as tax refunds surge [Reuters]
The U.S. government posted a $262 billion budget deficit in February, up 21% from a year earlier, as outlays grew and revenues fell, due largely to higher tax refunds issued as the Internal Revenue Service worked through a substantial backlog of unprocessed returns. The Treasury Department said on Friday the deficit last month compared to a $217 billion budget gap in February 2022. Receipts for the month fell $28 billion, or 10%, to $262 billion, while outlays grew $18 billion, or 4%, to $525 billion.

Biden set to unveil more than $2 trillion in tax hikes in budget [The Hill]
President Biden is set to formally propose an array of tax increases on wealthy individuals and corporations in a budget plan that he says will reduce the deficit by $2 trillion over the next decade, setting up a battle royal with Republicans on Capitol Hill. Biden told lawmakers during his State of the Union address last month that his budget will lower the deficit and extend the solvency of the Medicare Trust Fund “by making the wealthy and big corporations begin to pay their fair share.” He has pledged not to raise taxes on anyone earning less than $400,000 annually.

Iowa state auditor slams bill that would limit state watchdog [The Gazette]
Limits would be placed on what personal information the state taxpayers’ watchdog could demand during an audit under legislation being advanced by state lawmakers. How Senate File 478 would impact the state auditor’s ability to conduct investigations in an independent, nonpartisan fashion is the subject of stark disagreement between the current state auditor and the lawmaker who crafted the legislation.

Research

PwC and KPMG fall behind in promoting women to run major audit work [Financial Times]
PwC and KPMG are falling behind rivals EY and Deloitte in promoting women to run the most prestigious audits in corporate America, new data shows. Women still only account for 20 per cent of the lead engagement partners on audits of S&P 500 companies, according to a study published on Tuesday by the CFA Institute, the professional body for the investment industry. The figure, covering audits from 2021, represented an improvement from 15 per cent four years earlier but showed the need for faster progress at some firms in particular, said Sandy Peters, head of global advocacy at the institute. “Half of those entering the accounting profession are women,” Peters wrote in the study. “The issue in Big Four firms is leakage from the pipeline. Within 10 to 15 years — the time it takes to become a partner — the near-majority of women in accounting turns into a minority.”

PwC-Workiva study finds businesses not waiting for SEC ruling on climate disclosures [Business Record]
A new survey released Tuesday by PwC U.S. and Workiva Inc. finds 70% of business leaders report they are not waiting for the U.S. Securities and Exchange Commission to finalize the climate disclosure rules and will proceed with compliance regardless of when they become U.S. law. According to a news release, business leaders who say they feel prepared also acknowledge there will likely be significant challenges to complying with the SEC’s proposed climate disclosure rules, including deadlines, resourcing, technology and budget. Seventy percent of executives report their companies already seek voluntary, independent assurance – and will continue – even if it is not required for reporting scope 1 and 2 greenhouse gas emissions. Almost all leaders (96%) say they will proceed with assurance, regardless of whether it is included in the final SEC rules.

PwC study: 18-year-old women starting work today will not see pay equality in their careers [Investment Week]
In its annual Women in Work Index study, PwC found that progress towards gender equality at work in the past decade has been “exceedingly slow”, with a persistent gender pay gap of 14%, down only 2.5 percentage points since 2011. PwC noted that the slight year-on-year improvement was not as a result of positive, systematic changes; rather it was a symptom of the economic recovery from Covid-19 labour markets. It “does not demonstrate genuine progress towards gender equality”, the report stated.

Firm Watch

RubinBrown acquires third business advisory firm since mid-2021 [St. Louis Business Journal]
Clayton-based accounting firm RubinBrown LLP has acquired an Alabama management consulting firm, the third expansion of its business advisory services in less than two years. Terms of the acquisition of KnowledgePath Consulting were not disclosed and RubinBrown declined to discuss how it was financed. The acquisition by merger takes effect March 15.

Crowe names Rachael Gibson chief diversity, equity and inclusion officer [PR Newswire]
As part of its ongoing commitment to cultivating an inclusive workforce, Crowe LLP, a leading public accounting, consulting and technology firm in the U.S. with offices around the world, today announced the appointment of Rachael Gibson as its new chief diversity, equity and inclusion officer (CDEIO).

In the Hunt for Fraud, the Red Flags Start With the Auditor [Institutional Investor]
Hindenburg Research’s scorching report on Adani Group alleging pervasive fraud at the Indian conglomerate had some sound advice for safety-minded investors. Check out the auditor.

Practice

How to effectively onboard remote hires [Journal of Accountancy]
Onboarding remote employees — whether they’re working from another country or a home in the suburbs — is about more than shifting face-to-face meetings to videoconferences. To be sure, virtual onboarding is as important as a new hire process that’s in person, and the end result may be the same.

Ways to Solve Your Accounting Firm’s Last-Minute Staffing Needs [CPA Practice Advisor]
This is admittedly a grim outlook for CPA firms everywhere in need of talent, and not just at tax time. To turn things around, managers need to get creative. Here’s a look at three ways to address your accounting firm’s last-minute staffing needs while also laying the foundation for a staffing strategy that will help ensure you can always access a supply of skilled accounting talent when you need it.

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Friday Footnotes: KPMG’s ESG Conflict; PwC Fails to Deliver; FASB Turns Attention to AI | 3.3.23 https://www.goingconcern.com/friday-footnotes-kpmgs-esg-conflict-pwc-fails-to-deliver-fasb-turns-attention-to-ai-3-3-23/ Fri, 03 Mar 2023 22:00:23 +0000 https://www.goingconcern.com/?p=1000536752 Big 4 How auditing giant KPMG became a global sustainability leader while serving companies accused […]

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Big 4

How auditing giant KPMG became a global sustainability leader while serving companies accused of forest destruction [International Consortium of Investigative Journalists]
The firm vouched for an Indonesian company with a supply chain beset by deforestation allegations and a project in Canada that led to an Indigenous forest’s “death by a thousand cuts”.

‘Happy days’: PwC was confident it would win more robo-debt work [Australian Financial Review]
Consulting firm PwC was confident it would win three more years of work with the mega Human Services Department, including a lucrative data analytics contract, after changing the scope of its robo-debt review to get the minister “off their back”. The robo-debt royal commission heard last month that a final PwC report on the troubled scheme was not delivered.

Sinclair Broadcast Group Teams With Deloitte to Launch New Virtual Community in the Metaverse [PR Newswire]
Deloitte and Sinclair Broadcast Group Inc. today announced the forthcoming launch of a new metaverse sports fan community experience. Announced to coincide with Deloitte’s presence at Mobile World Congress 2023, this new community leverages Epic Games’ Unreal Engine to enhance the ways in which fans and audiences can build connections and engage with the content they love. The fandom community was built by Deloitte’s Unlimited Reality™ practice, which brings together 3D computing, artificial intelligence, Web3.0, immersive experiences and advanced connectivity to help clients create business value. The community makes use of Epic’s Unreal Engine — a powerful 3D creation tool that brings robust experiences to life in real time. This joint initiative marks an exciting next step in Sinclair’s plans to deepen engagement with its viewing community and drive new revenue streams through experiential gaming.

EY US launches Center for Government Modernization [PR Newswire]
Side note: why are they still using Ernst & Young in press releases?
Ernst & Young LLP (EY US) today launched the EY Center for Government Modernization (the Center), an initiative of the EY US Government & Public Sector. The Center will position the EY organization at the forefront of helping US federal, state and local government agencies modernize in response to today’s biggest challenges. “The Center, which encompasses our expertise, relationships and technology solutions, will produce cutting-edge insights for public sector leaders and support government agencies as they build a stronger nation,” says Gerry Dixon, EY US Government and Public Sector Managing Partner. “We imagine a world in which our country and all people can thrive, and government modernization is key to making this happen.”

Crypto

US lawmakers argue SEC accounting policy places crypto customers at risk [Cointelegraph]
Two United States lawmakers have criticized crypto accounting guidelines outlined by the national securities regulator, arguing they places crypto customers at greater risk of loss. The guidelines came from the United States Securities and Exchange Commission and became effective in April last year. The guidelines ask financial companies holding crypto for customers to recognize all digital assets they do not control as a liability. They also state that digital assets should be backed by a safeguarding asset.

Bitcoin Miner Marathon Digital to Restate Some Results on Accounting Issues [CoinDesk]
Marathon Digital (MARA) said it will need to restate portions of its audited 2021 results and currently unaudited quarterly reports from 2022 after an inquiry from the U.S. Securities and Exchange Commission (SEC) flagged technical accounting matters. At issue were the company’s method of calculating impairment on digital assets and its determination of acting as an agent in operating a third-party mining pool rather than a principal, according to an SEC filing. The restatements are not likely to have any impact on total margin, operating income or net income in 2021 or any of the quarterly 2022 results, said the company, which also said it does not expect to be able complete its 2022 10-K filing by the March 1 deadline. Marathon does anticipate it will file the 10-K within 15 days of that deadline.

Bitcoin Miner Accounting Woes Reflect Lack of Official Rules [Bloomberg Law]
The accounting slip-ups that forced two Bitcoin miners to flag this week that they’d have to redo several quarters of their past financial statements could soon be a moot point, as US accounting standard-setters eye a crypto accounting fix. Marathon Digital Inc. and Riot Platforms Inc. both announced accounting restatements after miscalculating drops in the value of the Bitcoin they hold in their coffers. Specifically, they erred in the method they used to determine whether the value had dropped so they could book impairments, accounting calculations that ding earnings.

Tax

Tax tips for influencers are everywhere. We spoke with a CPA about what to know [Marketing Brew]
Recently, conversations have been brewing online around influencers and taxes. Specifically, what they should—and shouldn’t—write off, and the potential risks associated with not filing correctly. Garrett Alexander is a CPA and co-founder of accounting firm Orsini & Associates, which has started to work with content creators and influencers in the past few years. He told us that 1) accountants in the space are in short supply and 2) misconceptions around how influencers should approach taxes are plentiful because of social media. Alexander shared a few financial points that are worth keeping in mind for influencers, not just ahead of tax season, but year round.

Texas property tax bill excludes divorced, LGBTQ couples from getting relief [The Hill]
A new Texas House bill that provides property tax relief based on the size of a family excludes LGBTQ couples and divorced parents with children, among other parties, from getting the tax advantage. Texas House Bill 2889, introduced this week by state Rep. Bryan Slaton (R), would supply a homestead tax credit to “certain married couples” in the state with either biological or adopted children of any age. Qualifying couples under the bill are entitled to annual tax relief corresponding to the size of their family, with four children equal to a possible 40 percent property tax reduction. Couples with 10 or more children may pay no property tax at all, according to the bill.

This is why you shouldn’t get your tax advice from Twitter. Exception made for #taxtwitter-to-#taxtwitter exchanges among professionals.

News

Impeachment inquiry resolution filed in $3.5 billion state accounting error [WIS]
Thursday a resolution was filed that could begin an impeachment inquiry after a $3.5 billion accounting. Representative Gil Gatch (R-Summerville) filed the resolution directing the South Carolina House Judiciary Committee to begin an inquiry into if South Carolina Comptroller General Richard Eckstrom should be impeached. Eckstrom told the Senate Finance Committee in February that the state’s Annual Comprehensive Financial Reports have overstated how much reserve cash the state had. The error accounted for $3.5 billion over a ten-year period. After the error was reported, a dozen Democratic state representatives filed a letter requesting an audit and further inquiry into the error.

U.S. Accounting Rulemakers Studying How Investors Use Artificial Intelligence to Consume Financial Data [Thomson Reuters]
FASB and GASB are actively monitoring the evolution of electronic financial reporting, including how investors use Artificial Intelligence (AI) to consume data, Chairs of the accounting rulemaking boards said on Feb. 28, 2023. The FASB is keeping tabs on the use of AI, including chatbots such as ChatGpt, studying how users of financial statements consume financial reporting information these days, FASB Chair Richard Jones told trustees of the Financial Accounting Foundation (FAF) on Tuesday. “No, we’re not going to use it to write our standards – I would just note that,” he said. “But I think it is important and that’s part of our continuous outreach with investors in understanding their ability to process data, how they’re processing data, how do we get the most important data information in our investment capital allocation decisions.”

Xero announces new Chief Product Officer, Diya Jolly [Xero]
Jolly comes to Xero from Okta where she was Chief Product Officer, responsible for leading product innovation for both its workforce and customer identity business. Prior to Okta, Jolly was Vice President of Product Management at Google, where she was focused on driving adoption for some of the companyʼs leading products including Google Home, Nest, YouTube monetisation and Gmail monetisation. She has an MBA from Harvard Business School and a Bachelor of Electrical Engineering and Economics from the University of Michigan.

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Friday Footnotes: Eff You, Pay Me; KPMG is Reading Your Thoughts; EY Adds Meme Coins to Blockchain Tech | 2.24.23 https://www.goingconcern.com/friday-footnotes-eff-you-pay-me-kpmg-is-reading-your-thoughts-ey-adds-meme-coins-to-blockchain-tech-2-24-23/ Fri, 24 Feb 2023 22:00:42 +0000 https://www.goingconcern.com/?p=1000527830 Talent The new math in recruiting at accounting firms [Puget Sound Business Journal] You have […]

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Talent

The new math in recruiting at accounting firms [Puget Sound Business Journal]
You have to scroll way too far down in this article to see a mention of salary. Shocking.
When they’re not striving for the pinnacle of their sports, internationally famous mountaineer Jimmy Chin and teenage tennis phenom Coco Gauff are promoting accounting firm Baker Tilly as brand ambassadors. The press releases drop phrases like “new horizons” and “blazing new trails” to maximize the star power in an industry typically noted for its stodginess. It’s part of a larger trend of accounting firms trying to find young talent as the industry wrestles with staffing shortages. There is an added challenge in the Seattle area, where firms must also compete with big tech companies like Amazon and Microsoft. Local accounting firms pitch the breadth of experience young accountants gain working for them. “You’re getting exposed to a lot of variety and a lot of industries,” said Kelly Nelson, Seattle managing partner for Baker Tilly. “We have access to some of the greatest minds in the Seattle landscape through who our clients are.”

9 in 10 Accounting and Audit Firms Struggle to Find Talent [CPA Practice Advisory]
Sensing a pattern here…
What is the fastest-growing challenge facing accounting firms and internal audit departments today? More than 90% point to hiring and retaining skilled accountants and auditors. Some are even turning away business due to a shortage of staff. That’s the finding of two newly released reports by leading software provider Caseware International, which surveyed more than 6,000 accountants and auditors globally. According to the surveys, to tackle this challenge and boost client collaboration, accounting and auditing organizations are ramping up the adoption of advanced technologies such as cloud services, data analytics and business intelligence.

How CPA Firms Are Engaging the Next Tax and Accounting Pros [Bloomberg Tax]
And here’s another one with some crap about talent strategies that don’t include PAYING PEOPLE MORE MONEY smh.
According to the CEO Purpose Report 2022, completed by Brandpie Consulting, helping workers integrate their personal purpose into the workplace is critical to attracting and retaining ideal talent. When employees feel a sense of purpose, they’re more motivated and committed to their organization. This leads to increased productivity, higher job satisfaction, and lower turnover rates. If executed well and with noble intentions, integrating purpose into the accounting industry’s culture and strategy can be a solution that addresses its talent challenges.

McKinsey will reportedly cut about 2,000 jobs amid restructuring [MarketWatch]
McKinsey & Co., the management consulting firm known for often recommending layoffs to companies in distress, plans to slash about 2,000 jobs as part of a restructuring plan of its own, according to reports Tuesday. Bloomberg News reported that McKinsey’s job cuts will focus on its non-client-facing support staff, and will be among the company’s largest round of layoffs ever. The Wall Street Journal later Tuesday matched Bloomberg’s reporting. Bloomberg reported the plan to streamline operations is expected to be finalized in the coming weeks, and the final number of job losses may change.

Big 4

Verizon Business and KPMG collaborate to bring private 5G to KPMG Lakehouse [Verizon]
Verizon Business and KPMG LLP have collaborated as part of their alliance relationship to deliver 5G solutions designed to help transform the healthcare and life sciences sectors. KPMG has now deployed Verizon’s Private 5G wireless network into its Ignition Center inside KPMG Lakehouse to further that collaboration. Building on top of this next-generation network, KPMG is creating a Healthcare Lab experience where clients can interact and experiment with the latest in healthcare technologies while helping to define their own future healthcare vision powered by Verizon 5G.

Resiliency Lies in More Adaptive, Innovative Workflows According to ServiceNow/Deloitte Clients in 2023 Trends Report [PR Newswire]
Smarter workflows can help businesses not only survive — but thrive in a changing world, according to Deloitte and ServiceNow’s “2023 Workflow Automation Trends” report. In the face of volatile economic, political, social and environmental realities, a business’s ability to adapt is key to success and resiliency. The report outlines the top five trends customers are currently prioritizing amid industry headwinds and provides a guide for organizations looking to leverage these trends to continuously deliver innovation and remain competitive.

Spotlight on PwC’s Washington National Tax Co-Leader Rohit Kumar [Bloomberg Tax]
Kumar advises clients on all aspects of domestic policy, including tax policy, so they can develop legislative strategies from both a technical and political perspective. Before joining PwC, he was the domestic policy director and deputy chief of staff for Senate Republican Leader Mitch McConnell and served 11 consecutive years in the Office of the Republican Leader for three different senators. When he’s not working, you might find Kumar watching “The Amazing Race” with his daughter, snacking on Reese’s peanut butter cups, or dreaming about being a scuba diving instructor.

Ernst & Young adds Dogecoin to its new blockchain analyzer feature [Finbold]
The fourth generation of Ernst & Young’s (EY) Blockchain Analyzer: Reconciler has been released into production. Reconciler with new features for blockchain and cryptocurrency audit services now supports Dogecoin (DOGE), in addition to Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH) and Ethereum Classic (ETC) blockchains, according to a press release published on February 20. Accessible through the blockchain.ey.com software as a service (SaaS) platform, this web-based analytics solution is accessible to EY Audit teams all around the world.

Big 4 Firm Disputes Foreign Tax Credit Reattribution Asset Rule [Thomson Reuters]
Responding to an IRS request for public input on pending foreign tax credit (FTC) revisions, practitioners from KPMG weighed in on issues arising from an aspect of how foreign taxes are allocated and apportioned.

Firm Watch

Armanino Honored with ClearlyRated’s Best of Accounting® Award for Outstanding Client Satisfaction [Business Wire]
Armanino LLP today announced that it has been awarded ClearlyRated’s Best of Accounting award for the eighth consecutive year, earning its fourth Diamond Award, a special designation for firms that make the prestigious list for at least five consecutive years. This award, which fewer than 1% of all accounting firms in the U.S. and Canada achieve, spotlights Armanino’s commitment to providing clients with exceptional service. “We mean it when we say we take genuine care of our clients, and receiving our fourth Diamond Award from ClearlyRated is a reflection of our ongoing commitment and success,” said Matt Armanino, CEO and managing partner of Armanino LLP.

2023 Best Firms to Work For applications being accepted [Accounting Today]
Accounting Today and Best Companies Group are currently accepting applicants for the 2023 Best Accounting Firms to Work For list. The list, which ranks the best workplaces in the accounting profession across the country and is now in its 16th year, will be released later in the year, with the annual report appearing in the September issue of Accounting Today.

Audit

PCAOB Enforcement Activity Up Sharply in 2022 [Cornerstone Research]
The Public Company Accounting Oversight Board (PCAOB) increased its enforcement activity sharply in 2022, disclosing the most enforcement actions in five years, and handing down the highest monetary penalties since its establishment in 2002, according to a new report released today by Cornerstone Research.

The report, PCAOB Enforcement Activity—2022 Year in Review, found that in 2022, the PCAOB disclosed 29 disciplinary actions involving the performance of an audit and/or a firm’s system of quality control, up 61% from 2021 and the most since 2017. Nearly half of those actions were disclosed in the fourth quarter. Monetary penalties in 2022 totaled close to $10.5 million, almost ten times more than in the previous year, with $8.8 million tied to Q4 actions.

“The sharp increase in the number of enforcement actions was primarily driven by 15 actions involving non-U.S. respondents,” said Elaine Harwood, a report coauthor, senior vice president, and head of the accounting practice at Cornerstone Research. “The non-U.S. actions involved 19 auditors and audit firms in seven countries outside the U.S.”

For the first time in PCAOB history, enforcement activity in 2022 involved more non-U.S. respondents than U.S. respondents. The percentage of actions involving non-U.S. respondents—52%—was double the 2017–2021 average. Since 2017, the PCAOB has brought actions involving respondents in 17 countries outside the United States.

“The record penalties were consistent with statements made by Chair Erica Williams that the PCAOB would not be limited to the levels of penalties in past years,” said Alison Forman, a Cornerstone Research principal and report coauthor. “Penalties totaling $7.9 million were imposed on the 10 actions disclosed in December alone.”

Investors Press Regulator to work on Audit Quality Indicators and Quality Control Rules at the Same Time [Thomson Reuters]
The Public Company Accounting Oversight Board’s (PCAOB) Investor Advisory Group (IAG) once again pressed the board to complete a slow-moving rulemaking project that would provide information that investors could use to gauge the quality of a public company financial statement audit: audit quality indicators (AQIs). This time, members of the IAG are requesting the board to work on AQIs in response to a proposal the board issued in November 2022 that would revise the PCAOB’s quality control standards that audit firms must follow. The advisory panel wants the PCAOB to work on both AQIs and quality control standards at the same time, and it did not mince words in urging the board to do so. “The process of establishing a quality control standard naturally fits simultaneously with the establishment of audit quality indicators,” IAG wrote. “How else can consistent audit quality be maintained if it is not measured and quantified? The proposal fails to establish even a few audit quality indicators.”

Academia

UNI accounting professor part of only team awarded NASBA research grant [Waverly Newspapers]
The University of Northern Iowa’s Gabe Dickey, an assistant professor of accounting, and his co-authors were the only recipients of the 2022 Accounting Education Research Grant from the National Association of State Boards of Accounting (NASBA) for their work researching metacognition and online adaptive learning technology. The grant will propel Dickey’s research into its next phase and allow for the hire of a graduate assistant to record and maintain data. Dickey and his team will also present at the NASBA Annual Meeting next week, leading to more exposure for the study and the UNI College of Business. “I’m very excited,” Dickey said. “We all have an interest in seeing the accounting profession continue to thrive. We’re hoping to give more insight into how to recruit and retain students in the profession and develop them as well.”

The post Friday Footnotes: Eff You, Pay Me; KPMG is Reading Your Thoughts; EY Adds Meme Coins to Blockchain Tech | 2.24.23 appeared first on Going Concern.

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Morning Morning Accounting News Brief: NASBA Sticks to the 150 Rule; PwC Reports a New Gap; 60 Years of Misery | 2.13.23 https://www.goingconcern.com/morning-morning-accounting-news-brief-nasba-sticks-to-the-150-rule-pwc-reports-a-new-gap-60-years-of-misery-2-13-23/ Mon, 13 Feb 2023 16:45:33 +0000 https://www.goingconcern.com/?p=1000513025 Good morning and welcome to a brand new week. Last week was oddly quiet but […]

The post Morning Morning Accounting News Brief: NASBA Sticks to the 150 Rule; PwC Reports a New Gap; 60 Years of Misery | 2.13.23 appeared first on Going Concern.

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Good morning and welcome to a brand new week. Last week was oddly quiet but that shouldn’t be too much of a surprise, right now is “keep your head down and get your work done” time for a good chunk of the profession. Oh, here’s last week’s Friday Footnotes if you want to catch up on the old news first.

Economist Mariana Mazzucato roasts consulting firms in her new book and this FT piece, ‘The McKinseys and the Deloittes have no expertise in the areas that they’re advising in’ she said. FT: For the past decade, she has waged a sometimes lonely battle to rehabilitate the state’s reputation as an economic motor. Her new book, The Big Con, written with Rosie Collington, argues that consultancies are hobbling governments’ ability to perform that role. In her office, holding a Diet Coke, she says: “For me, the big wake-up call was Brexit [preparations], because [the consultants] were everywhere.” In 2019-20, the British government spent nearly £1bn on strategy and other consultants — to the despair of some MPs. Mazzucato and Collington also widen their critique to include the Big Four accounting firms, such as Deloitte, and outsourcing companies, which carry out chunks of the state’s core functions.

Wall Street Journal has a depressing article about 60-year careers. “As people live longer, healthier lives, the traditional 40-year career will become a thing of the past. But that’s going to require a new mind-set—and a lot more planning.” YIPPEE

EY has resigned as auditor to MJ Hudson, saying it had “lost trust” in management of the investment consultancy whose shares have been suspended since December as it battles to establish the true state of its finances. In its resignation letter, EY said that “we are ceasing to hold office because we have lost trust and confidence in the company’s management and those charged with governance, and in their ability, along with your finance team, to provide us with accurate and reliable information for audit”.

KPMG Australia has bagged a support contract with Melbourne Airport to manage its Microsoft Dynamics applications. KPMG will support Melbourne Airport’s Microsoft Dynamics implementation across financials, supply chain, sales, customer service and marketing. This includes management of system updates, ongoing enhancements and incidents. The multi-year engagement will focus on “solution evergreening” to help Melbourne Airport to maximise investment in the Microsoft Dynamics platform, KPMG said.

PwC UK has reported its sexual orientation pay gap for the first time. The firm’s 2022 median gender pay gap decreased slightly to 5.9% from 6%. Its mean sexual orientation pay gap stood at 12.3%, and its median gap at 19.7%. PwC’s mean sexual orientation bonus gap was 17.8% and its median gap was 23%.

Good news, everyone! The accountant pipeline problem shall be fixed posthaste (does this need an /s?):

Speaking of the pipeline…

NASBA upholds 150-hour education requirement for CPA licensure

Across the board, stakeholders charged with promoting and protecting the accounting profession are searching for solutions to a talent acquisition issue that isn’t unique to the profession.

“Should any state or jurisdiction lower the licensure requirement to 120 hours, their CPAs would no longer be automatically substantially equivalent and would no longer enjoy the mobility and reciprocal practice privileges they currently are afforded,” NASBA President and CEO Ken Bishop said in an interview with the JofA. “Lowering the bar to 120 hours is only one of the alternatives we have heard that has been discussed and considered. Others, including lowering the cut score for passing the CPA Exam, have the potential and risk of creating the perception of dumbing down the profession. No one is talking about, for example, lowering the bar to become an attorney, and they’re also suffering from lack of entry.” [Read more at Journal of Accountancy]

A few other things:

On the editorial schedule this week: I’m working on a historical look back on busy season, comparing Reddit bitching about it ten years ago to current day to find out if busy season has in fact gotten much worse. We’ll also be booing the AICPA’s efforts to improve the accountant shortage (as is tradition). And I have this thing on NASBA’s financials I’ve been picking away at for weeks that might actually get done.

And one last thing:

Have a great week out there and do let me know if you see something interesting you think we should talk about.

The post Morning Morning Accounting News Brief: NASBA Sticks to the 150 Rule; PwC Reports a New Gap; 60 Years of Misery | 2.13.23 appeared first on Going Concern.

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Friday Footnotes: Florida Man’s Tax Problem; Accountants Are Walking Out; BDO Assures on Tether | 2.10.23 https://www.goingconcern.com/friday-footnotes-florida-mans-tax-problem-accountants-are-walking-out-bdo-assures-on-tether-2-10-23/ Fri, 10 Feb 2023 22:00:47 +0000 https://www.goingconcern.com/?p=1000509319 Talent As tax season approaches, accounting firms are short on staff [Marketplace] Oh hey! Planning […]

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Talent

As tax season approaches, accounting firms are short on staff [Marketplace]
Oh hey!

Planning ahead: How these employers will grow and retain talent this year [Silicon Republic]
When it comes to engaging with talent, PwC recently launched its people value proposition, which aims to give employees flexibility with how they work and help them achieve better work-life balance. “Our mantra is: ‘If it works for you, your team and your client, then it works for us’. This flexible way of working not only allows our people to determine when, where and how they work together to best deliver and solve problems, but also supports in-person connections, learning and innovation,” a spokesperson said. As part of its policy, the company has a range of supports and resources to help its employees such as leave for parents, pregnancy loss, fertility and domestic abuse. It also offers employees the opportunity to work for up to 20 days abroad per year. “As we transition to 2023, our people will continue to experience a blend of face-to-face and virtual working through our hybrid model and we will maintain our focus on making flexible working the reality for all our people.”

Accountants are walking out – Here’s how to fix it [Accountancy Today]
Set against the backdrop of recession, unpredictable forecasting, and an empty talent pool, this state of affairs is putting employers and remaining employees alike under increasing pressure. But it doesn’t have to be this way. How can employers optimise working environments to support the needs of their accountancy teams and ultimately retain them, all while adding value to their organisation?

Audit

Americanas’ $4 Billion Accounting Scandal Puts More Scrutiny on PwC’s Auditing Record [Bloomberg]
A $4 billion accounting shortfall would typically raise alarm bells for an auditor. Somehow, a PricewaterhouseCoopers LLP affiliate didn’t catch it at Americanas SA. Investor and consumer groups are calling for closer scrutiny of the accounting firm after the unveiling of balance-sheet irregularities that led 93-year-old Brazilian retailer Americanas to seek protection from creditors last month. The gap came in part from supplier financing that wasn’t reflected the right way in the company’s financial statements, which have been audited by PwC since 2019. Consumer and corporate activism associations Abradecont and Ibrasg both filed lawsuits against PwC in the past few days, with the former requesting a freeze on the auditor’s assets. Investor association Abradin is asking local securities regulator CVM to look into PwC’s responsibilities in the case.

Port: State Auditor rips lawmakers, officials as ‘corrupt’ over bill on what office can charge for audits [INFORUM]
A strange and interesting read on the drama at the North Dakota State Auditor’s office.

Tether’s assets exceed liabilities in new reserves report by BDO [Cointelegraph]
Tether, the issuer of the world’s largest stablecoin by market value, has completed reserves attestation by major global accounting firm BDO. The stablecoin firm released BDO’s assurance opinion on Feb. 9, which re-affirms the accuracy of Tether’s consolidated reserves report (CRR) as of Dec. 31, 2022. The CRR shows that Tether’s consolidated assets amount to at least $67 billion, exceeding consolidated liabilities of $66 billion, with excess reserves equaling at least $960 million. In addition to reducing its secured loans as committed, the report also shows Tether ended 2022 with zero commercial paper.

Big 4

Almost Half of Executives Expect a Rise in Cyber Events Targeting Accounting and Financial Data in Year Ahead [PR Newswire]
Nearly half (48.8%) of C-suite and other executives expect the number and size of cyber events targeting their organizations’ accounting and financial data to increase in the year ahead, according to a new Deloitte Center for Controllership poll. Yet just 20.3% of those polled say their organizations’ accounting and finance teams work closely and consistently with their peers in cybersecurity. During the past 12 months, 34.5% of polled executives report that their organizations’ accounting and financial data was targeted by cyber adversaries. Within that group, 22% experienced at least one such cyber event and 12.5% experienced more than one.

A center of excellence for the metaverse? Yes, one is coming soon in Saudi Arabia [Fast Company ME]
Through this initiative, KPMG will bring together a broad collective, with Microsoft, leveraging infrastructure and gaming platform, Ericsson for their 5G technology and network; and Metakey as the technical partner to develop 3D objects. The objective of the CoE is to expedite metaverse and digital twin applications in Saudi Arabia and the wider region. “We have seen an immense commitment from the government to invest in the metaverse and explore the technology’s public utility. With the launch of the Centre of Excellence, we are proud to bring together a team of experts and organizations to drive these initiatives forward,” said Maz Hussain, Head of Digital Lighthouse at KPMG in Saudi Arabia.

New PwC partner arrives via Deloitte, Defence [Australian Financial Review]
49-year-old Kylie Watson has joined PwC’s 400-strong cyber security and digital trust team to focus on national security. She will also advise clients on the secure use of new technologies and assessing the motivations behind cybercriminal behaviour to contain and defend against cyber attacks.

Tax

Tax pros still in limbo after IRS tells millions who received state rebates to pause filings [CNBC]
The agency said it expected to provide additional clarity for “as many states and taxpayers as possible” this week. In the meantime, the IRS said affected taxpayer should hold off on filing or “consult with a reputable tax professional.” The problem is, tax professionals are also waiting for guidance from the IRS.

IRS Seeks Court Approval to Identify Kraken Crypto Customers [CoinDesk]
The IRS filed a court petition to enforce its summons on Thursday, with the filing going live just minutes after Kraken announced it would settle Securities and Exchange Commission charges it offered unregistered securities through its staking-as-a-service program. The IRS said it first issued a summons in 2021, but Kraken has failed to comply. “Despite discussions between the parties, Payward Ventures Inc. [one of the registered companies that make up Kraken] & Subsidiaries has failed to comply with the summons and has not produced the books, records, papers and other data demanded in the summons. Payward Ventures Inc. & Subsidiaries’ failure to comply with the summons continues to this date,” the IRS said in its petition.

DeSantis Gains Control of Tax Board Overseeing Disney World [New York Times]
Last year, at the urging of Gov. Ron DeSantis, the Florida Legislature revoked Walt Disney World’s designation as a special tax district — a privilege that Disney held for 55 years, effectively allowing the company to self-govern its 25,000-acre theme park complex. The problem: The abolishment of the district — set for June 1 — would require taxpayers in two counties to pick up the tab for Disney World services like fire protection, policing and road maintenance. Under the old setup, Disney paid for those costs. The district also carried roughly $1 billion in debt, which would be transferred to the counties.

The post Friday Footnotes: Florida Man’s Tax Problem; Accountants Are Walking Out; BDO Assures on Tether | 2.10.23 appeared first on Going Concern.

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We Regret to Inform You That National Pizza Day Has Come and Gone https://www.goingconcern.com/we-regret-to-inform-you-that-national-pizza-day-has-come-and-gone/ Fri, 10 Feb 2023 17:03:51 +0000 https://www.goingconcern.com/?p=1000509049 Just before midnight last night my phone reminded me that February 9 is National Pizza […]

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Just before midnight last night my phone reminded me that February 9 is National Pizza Day, an event celebrated year-round at accounting firms across the country. Why February 9? I’m not exactly sure, and Googling it only got me a bunch of weird AI-populated websites about the history of pizza. Did find this though:

screenshot of American pizza facts

I’ve tagged this to Partners Corner to be sure the handful partners who read here will set a calendar reminder for 2024 so we never again miss this important day.

While you’re here, I invite you to dive into Pizza Parties In Lieu of Compensation: A Comprehensive History, that article will remind you that National Pizza Day and National Pizza Party Day are two distinct events. While National Pizza Day has sadly passed, we can look forward to National Pizza Party Day on Friday, May 19.

Stay billable, friends!

 

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4 Ways PBC Management Makes Busy Season Less Sucky https://www.goingconcern.com/4-ways-pbc-management-makes-busy-season-less-sucky-sponcon/ Thu, 09 Feb 2023 19:45:07 +0000 https://www.goingconcern.com/?p=1000507716 For CPAs, accountants, and auditors, busy season sucks. The stress can take a serious toll […]

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For CPAs, accountants, and auditors, busy season sucks. The stress can take a serious toll on your personal life, your relationships, and even your health. That’s because it’s hard to find time for things like diet, exercise, and those pesky “other people in your life” when you’re busy reconciling the list of outstanding client requests from:

  1. Email threads,
  2. Excel docs,
  3. Handwritten scribbles on the back of a tear-soaked cocktail napkin from last night’s happy hour that ended with you making merciful pleas to a series of increasingly obscure deities and fictional wizards,
  4. Etc.

Faces of Busy Season
Odin heard his prayers…and responded only with pain (source)

The internet offers no shortage of guides and tips on overcoming your busy season woes. But nearly all of them miss a relatively simple step: Get the flow of documents between you and your clients under control with a document request management solution.

In our research for this article, a public accounting firm revealed that it spent up to 30% of its time collecting documents in a typical engagement. So there seems to be a ton of potential for time-savings and stress relief with a solution that keeps everything in one place as you request, track, and review large volumes of document requests.

No doubt, document request management can make the 2023 busy season less sucky for CPAs, accountants, and auditors—and even help you build smarter processes that deliver long-term busy season relief. We thought of several hundred reasons why, but our editors made us condense it down to these four:

1. It helps you stay calm under pressure

Ah, the busy season fire drill. We can picture it now:

The client takes three months to get you the documents you need—then demands immediate results. So you’re wading through the year’s worth of Excel docs and emails that flooded your inbox over the last two hours, trying to reconcile the mess while the partner is asking the manager who is asking you if anything is missing because he has a client meeting in 13 minutes. Tensions are high, and angry Teams messages PING your desktop and phone with greater frequency, but without a PING predictable cadence or rhythm PING that would allow you to PING PING tune them out, driving you PING ever closer PING PING PING PING to the edge PING PING PING of madness PING

With a proper PBC (Provided by Client) request solution, however, a different picture comes into view—one where busy season fires can be extinguished with just a few clicks, coworkers and clients keep their cool, and, most importantly, your sanity remains intact.

“Instead of having to reconcile everything, you could open your dashboard on UpLink and see exactly what documents are missing, late, or have been uploaded for your review,” said Alex Maher, co-founder of UpLink, a leading document request management solution.

When problems do occur, document request management makes it much easier to discover what happened and validate it to the client.

“When you wait three months to get something from a client, and then they ask you to turn it around in a day…(UpLink) gives you ammunition to go back to the client so you can stand up for your staff,” said Alex Grant, co-founder of UpLink.

(And yes, two of the co-founders of UpLink are named Alex. Maher refers to Grant as “Grant” to avoid confusion. It’s kind of adorable.)

2. It gives you more time to build relationships

Conversations with clients can be painful endeavors, especially during busy season. But a document request management solution can give you the power to check off meeting agenda items in rapid succession, easily confirming what you have, identifying what you still need, and even receiving and uploading documents in real-time.

“When you get all the important meeting items out of the way in five minutes, that puts valuable time back in your day,” Grant said. “Sometimes those calls will end early, allowing you to move on to something else. But you can also use the 25 minutes left to develop that relationship.”

When you know your clients—who they are, what sports teams they like, which circle of hell they ascended from to make your life miserable, etc—you can serve them better, reduce friction, and gain some leeway for when mistakes do happen.

“Several of our customers have stories about clients staying on the call longer to talk about hobbies, interests, whatever,” Maher said. “That may not always be a good thing, but…it leads to more collaboration, more sharing the load…so clients want to get you things faster and are generally nicer.”

3. It helps you empathize with clients

Clients can be mean during busy season. But it’s important to remember that clients…(extra long pause for emphasis)…are still human beings.

They’re under intense pressure from their bosses and colleagues to achieve results within tight timeframes. And while that’s no excuse to take out their frustrations on you, you can still defuse a lot of problems with a few simple expressions of human empathy.

One way to get there is to remind yourself that, as the auditor, you have the power in these situations.

“It may not seem like it, but a lot of times, clients are afraid of you,” Maher said. “When they come at you with bad behavior—bullying, finger-pointing—that may be their misguided way of dealing with that fear.”

That’s where solutions like document request management can play an important role. It’s a tool that empowers you to demonstrate exactly what you need from the client, why you can’t move forward without it, when it was delivered vs when it was promised, etc. And that enables you to use your power in a confident way.

“When you have that confidence, you can stand your ground but also be more empathetic,” Grant said. “You can say, ‘I understand your frustrations, but we are about to run up against the holidays, and I don’t want you to stress when you’re trying to enjoy your family.’ So you’re better able to push them forward while still being nice about it.”

4. It can help you make your clients look good

While they may not always deserve it, making your clients look good is generally in your best interests. Document request management makes it easy to provide specific metrics to clients that validate their hard work (even if their efforts can’t reasonably be called “hard” or “work”), strengthening your goodwill with them.

“With good telemetry into your whole request system, you can find slivers of gold even in a sea of you-know-what,” Grant said. “You get insights to say things like, ‘Wow, Bill got us stuff 30 percent faster this year!’ Instead of, ‘We got behind again because Bill is too slow.’ Hyping up your contacts like that can encourage them to be more proactive with you in the future.”

Why use UpLink for document request management?

Now that we’ve empirically, indisputably, and oh-so-humbly proved that document request management makes busy season less sucky for CPAs, accountants, and auditors, there’s only one question left to answer: Which document request management solution is right for you?

Hell, we don’t know. What does this look like, Consumer Reports? But, according to a public accounting associate we spoke to:

“Most of the tools out there are not that great and feel outdated. UpLink has a really modern interface, and it’s dead simple for clients to use.”

And, from an accounting manager at a large energy company:

“I wish all my auditors would use (UpLink), because version control around updating Excel request lists is terrible.”

Also, Team Alex gave us the deets on several features UpLink has that its competitors don’t, ultimately making UpLink easier to use and more effective:

    • Excel integration. Bulk create and edit the PBC using Excel
    • In-app preview: Review documents without needing to download them
    • Mobile-friendly interface: Take UpLink with you and access a single source of truth across your devices
    • Custom attributes: Tag requests with specific values that are important on your engagement, such as priority, control number, department, etc.

Special offer: Readers of Going Concern can try UpLink risk-free with a complimentary free trial: either two months or 5 engagements free, your choice. Sign up before the end of February and you’ll get a six-month window to activate your trial whenever you’re ready.

Sign up for a free trial of UpLink >

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Let’s Talk About Why ‘Musculoskeletal Issues’ Are on the Rise at This Accounting Firm https://www.goingconcern.com/musculoskeletal-issues-at-accounting-firms/ Tue, 07 Feb 2023 16:47:44 +0000 https://www.goingconcern.com/?p=1000503580 Although I am not a loyal reader of Human Resource Executive I did come across […]

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Although I am not a loyal reader of Human Resource Executive I did come across an article they just did on CLA — also known by their confirmation name CliftonLarsonAllen — and the benefits HRE outlined in said article sound awesome. Flexible PTO, a wellness stipend, access to cognitive behavioral therapy for the employee as well as any of their family members above the age of 13…great. Keep it coming, accounting firms.

But you know this article isn’t going to be praise for employee perks. No, we’re going to call out how CLA transparently discusses a rise in ‘musculoskeletal issues’ in their workforce that prompted them to partner with a group offering virtual physical therapy.

Employee feedback, [CLA managing director of HR Patrick] Bowes says, was the most critical driver of the changes to the CLA benefits strategy, which was also informed by claims data. For instance, leadership has seen a rise in short-term disability applications, and thus eliminated its tiered structure for eligibility, so that all workers are covered at 100%. Noticing the rise of musculoskeletal issues among the workforce, it instituted a new partnership with a provider that offers virtual physical therapy. It also rolled out an option that allows employees to seek second opinions and treatments related to complex diagnoses at some of the best care centers in the country—at no cost to employees.

“If I have something I need treatment for—we’re seeing things like cardiac issues, cancer, orthopedic things—I can travel to the best centers for that specific care, bring a caretaker with me, be treated on site there and never see a bill for it,” Bowes explains.

Can we talk about this? Surely it’s not only CLA seeing an increase in these issues, it’s just that they were the ones who decided to talk openly about it for this one article. Should we be concerned? Is this the profession’s real crisis and not the talent shortage? WHY DOES EVERYTHING HURT?

It is known that stress has physical consequences. You are probably holding a bunch of it in your jaw and shoulders as you read this (friendly reminder to take a deep breath, loosen your jaw, and gently roll the tension out of your shoulders). This is from an American Psychological Association article on stress effects in the body:

When the body is stressed, muscles tense up. Muscle tension is almost a reflex reaction to stress—the body’s way of guarding against injury and pain.

With sudden onset stress, the muscles tense up all at once, and then release their tension when the stress passes. Chronic stress causes the muscles in the body to be in a more or less constant state of guardedness. When muscles are taut and tense for long periods of time, this may trigger other reactions of the body and even promote stress-related disorders.

For example, both tension-type headache and migraine headache are associated with chronic muscle tension in the area of the shoulders, neck and head. Musculoskeletal pain in the low back and upper extremities has also been linked to stress, especially job stress.

Unfortunately it doesn’t end with tense shoulders. Stress can also cause respiratory problems, long-term problems in your heart and blood vessels, and it can even make you fat. Remember that old TV spot about cortisol?

p.s. That crap didn’t work.

Says APA:

Glucocorticoids, including cortisol, are important for regulating the immune system and reducing inflammation. While this is valuable during stressful or threatening situations where injury might result in increased immune system activation, chronic stress can result in impaired communication between the immune system and the HPA axis.

This impaired communication has been linked to the future development of numerous physical and mental health conditions, including chronic fatigue, metabolic disorders (e.g., diabetes, obesity), depression, and immune disorders.

Here’s Mayo Clinic on what happens to your body when stress is always high and the physical response to it that was originally intended to help our ancestors avoid immediate threats like large, scary animals stays on:

The body’s stress response system is usually self-limiting. Once a perceived threat has passed, hormone levels return to normal. As adrenaline and cortisol levels drop, your heart rate and blood pressure return to baseline levels, and other systems resume their regular activities.

But when stressors are always present and you constantly feel under attack, that fight-or-flight reaction stays turned on.

The long-term activation of the stress response system and the overexposure to cortisol and other stress hormones that follows can disrupt almost all your body’s processes. This puts you at increased risk of many health problems, including:

  • Anxiety
  • Depression
  • Digestive problems
  • Headaches
  • Muscle tension and pain
  • Heart disease, heart attack, high blood pressure and stroke
  • Sleep problems
  • Weight gain
  • Memory and concentration impairment

Any of that sound familiar?

Friendly reminder to release the tension from your jaw again. And I’m just going to leave this here for anyone who might need it.

Why this accounting firm has rolled out 2 dozen benefits since COVID [Human Resource Executive]

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Friday Footnotes: Know Your Value; Retired EY Partners Complain; ‘Rest For Success’ | 2.3.23 https://www.goingconcern.com/friday-footnotes-know-your-value-retired-ey-partners-complain-rest-for-success-2-3-23/ Fri, 03 Feb 2023 22:00:40 +0000 https://www.goingconcern.com/?p=1000503649 Hail Eris! Today is 2/3/23 and this is your Friday roundup of all the week’s […]

The post Friday Footnotes: Know Your Value; Retired EY Partners Complain; ‘Rest For Success’ | 2.3.23 appeared first on Going Concern.

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Hail Eris! Today is 2/3/23 and this is your Friday roundup of all the week’s news that wasn’t fit to print (or make fun of). We appreciate you stopping by!

Big 4

EY considers handing retired US partners cut of proceeds from spin-off [Financial Times]
EY has told retired US partners it is considering giving them a cut of the proceeds from a spin-off of its consulting arm, after complaints that the firm’s leadership is cashing in on a business built by previous generations. An email sent on Thursday to retired partners of the Big Four accounting firm, seen by the Financial Times, said US executives were considering a request to boost pension payouts or hand the retirees shares in the new consulting business. EY has also agreed to pay for legal counsel to advise retired partners in the US during the process, according to Thursday’s email, which came from a committee of former partners picked by the firm to represent retirees’ interests.

EY under fire over its two roles at battery start-up Britishvolt [Financial Times]
EY has come under fire over its switch from adviser to administrator of failed battery start-up Britishvolt as questions mount over a possible conflict of interest created by its twin roles. The Big Four consultancy was a longstanding adviser to Britishvolt, playing a central role in devising its failed strategy, seconding a team to the company for almost two years, and collecting millions of pounds in fees. Last month administrators from EY were ushered in to find a buyer for the business when it collapsed, igniting concerns over conflicts of interest in a sector MPs have branded a “wild west”. EY’s move from adviser to administrator “must be a conflict of interest”, said one industry figure who was close to the Britishvolt process.

KPMG Canada advised on most mid-market M&A deals in 2022 [Consulting.ca]
The Big Four accounting and consulting firm supported 55 Canadian transactions in 2022 – outstripping PwC (27) and EY (26), who ranked second and third, respectively. KPMG also supported the most mid-market deals in the five-year period from 2018-2022, at 217 transactions.

Things Going Concern Supports Unconditionally

People

Paul McCann on life after Grant Thornton: ‘I was like the artist formerly known as Prince’ [The Irish Times]
When Paul McCann told his four children that he was leaving Grant Thornton after 22 years to try his hand in a role outside the firm, two of them started crying. “Your identity is wrapped up with that, and theirs is as well. They’re used to going to the Christmas parties and going to friends. It was a big deal for us all. I love Grant Thornton and still refer to Grant Thornton as ‘we’,” he says, now sitting in the chief executive’s office of Irish tech company Ergo, where he has been for the past 17 months. Ironically, Ergo’s auditor is Mazars, a big rival of Grant Thornton among the second tier of Irish accounting firms. Grant Thornton were auditors until McCann became Ergo’s chairman in 2015. When is he changing back? “Ha ha,” he chuckles. “Mazars do a good job. When I went on the board here we had to resign as auditors.”

BDO’s culture attracts KPMG auditing veteran from New York [Australian Financial Review]
An inability to easily visit family in New Zealand during the COVID pandemic led to auditing veteran Fiona Narielwalla moving to Sydney after almost a decade in New York. She has moved to BDO after working at KPMG in New Zealand and New York for more than two decades, including almost five years working on using new technology such as machine learning and artificial intelligence to improve the auditing process. “I was really attracted to the BDO culture and the firm’s values. It’s very much a family culture [here], people are approachable,” Ms Narielwalla said.

St. Louis accounting firms say demand drives surge in hiring for non-CPA professionals [St. Louis Business Journal]
At Anders CPAs + Advisors, the number of non-CPA professionals at the firm increased 57% from 2022-2023. The number of non-CPA professionals employed by the St. Louis region’s 25 largest accounting firms increased by 12% last year to 1,594. By comparison, the number of CPAs employed by those same firms grew by only 5% to 1,184.

Practice

How to communicate with purpose [Journal of Accountancy]
What you say at work — the words you choose, the context you frame them in, and how you say them — makes a difference. Communicating well is an essential skill for professionals who work with clients, colleagues, and managers. That includes accountants and finance professionals. “As an accountant, communicating clearly and concisely with your clients may be one of the most important things you do on the job,” said Caren Rodriguez, chief marketing officer of DMJPS PLLC, a tax, assurance, and business advisory firm with several offices across North Carolina. “Many clients may not have a lot of experience in speaking finance, so it’s up to you to figure out how to explain it all in a way that will help them understand.”

Lean into stress and rest for success [Deloitte WorkWell podcast]
On this episode, Deloitte Chief Well-being Officer Jen Fisher talks with “Brad Stulberg,” author of the best-selling book, “The Practice of Groundedness” and the co-author of the books, “Peak Performance” and “The Passion Paradox”, about principles that can help with improving performance without foregoing well-being. Says Stulberg in his book: “Human performance and human well-being are really complex. And when you take a system that is as complex as us and you try to do any kind of reductionist intervention, it rarely works and often has unintended consequences. So, I think that the key to any kind of health or performance behavior change, is to pick an approach that’s not reckless.”

Firm Watch

CBIZ ACQUIRES FIFTH-LARGEST INDIANAPOLIS ACCOUNTING FIRM SOMERSET TO ADD $55 MILLION TO CBIZ REVENUE [PR Newswire]
WHY ARE WE YELLING! From the press release: CBIZ, Inc. announced today that it has acquired the non-attest assets of Somerset CPAs and Advisors (“Somerset”) of Indianapolis, IN, effective February 1, 2023. Concurrent with this transaction, Mayer Hoffman McCann P.C., a national independent CPA firm that works closely with CBIZ, announced the acquisition of the attest assets of Somerset CPAs and Advisors. Somerset has been providing accounting, tax, and financial advisory services to clients in a wide array of industries for more than 60 years. With additional offices in Michigan City, and Fort Wayne, IN, as well as Nashville, Tennessee, Somerset is the fifth-largest accounting service provider based in Indianapolis, with 250 employees and approximately $55 million in revenue.

BlackRock Cuts Stake in CBIZ (CBZ) [Nasdaq]
Here, have some more CBIZ happenings: Fintel reports that BlackRock has filed a 13G/A form with the SEC disclosing ownership of 3.30MM shares of CBIZ, Inc. (CBZ). This represents 6.5% of the company. In their previous filing dated February 1, 2022 they reported 3.42MM shares and 6.60% of the company, a decrease in shares of 3.57% and a decrease in total ownership of 0.10% (calculated as current – previous percent ownership).

Merged accounting firms find new digs in Innsbrook [Richmond BizSense]
Capping off their merger last summer, accounting firms Kimble CPAs and KWC have a new hub for their local operations. The combined firms, now operating here solely under the KWC banner, recently moved into an 11,000-square-foot office. Upon joining forces in July, the firms knew they’d need larger digs to bring KWC’s 14-person roster under the same roof as KWC’s existing 16 local employees.

Crypto

Celsius Was Using QuickBooks for Its Accounting—Just Like FTX [Decrypt]
Bankrupt crypto lender Celsius used Quickbooks to keep track of its finances, a court-appointed examiner wrote in a report released Tuesday. That made it especially challenging to assess the company’s finances post-bankruptcy, as Quickbooks is “geared mainly toward small and medium-sized businesses,” wrote Examiner Shoba Pillay. Celsius’s finances were tracked across its various divisions in 15 separate Quickbooks files, Pillay wrote, without automatic systems in place to produce consolidated statements for the crypto lender that currently owes clients and creditors $5.5 billion.

 

 

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Friday Footnotes: Higher Salaries Lead to Higher Fees; EY Auditors Quit; Senator Rags on Greedy Accounting Firms | 1.27.23 https://www.goingconcern.com/friday-footnotes-higher-salaries-lead-to-higher-fees-ey-auditors-quit-senator-rags-on-greedy-accounting-firms-1-27-23/ Fri, 27 Jan 2023 22:00:29 +0000 https://www.goingconcern.com/?p=1000503553 Big 4 EY auditors escape potential Wirecard sanctions after leaving profession [Financial Times] Germany’s audit […]

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Big 4

EY auditors escape potential Wirecard sanctions after leaving profession [Financial Times]
Germany’s audit watchdog closed investigations against four current and former EY auditors involved in inspecting collapsed payments firm Wirecard after they handed back their professional licences and left the profession earlier this month. Under German law, Apas can only probe and sanction potential misconduct by active accountants who are enrolled in the country’s register of public accountants. As the watchdog’s delayed ruling into EY’s controversial audit for the disgraced German payments firm approaches, four current and former employees this month resigned from the country’s chamber of public accountants, the WPK.

This week in tax: PwC partner banned in Australia over tax leaks [International Tax Review]
Peter-John Collins, former head of international tax at PwC Australia, has received a two-year ban from serving as a tax agent after leaking confidential information. On Monday, January 23, the Tax Practitioners Board (TPB) confirmed a report from the Australian Financial Review that it had deregistered Collins for failing to act with integrity. Collins was a member of an advisory group involved in confidential policy discussions with the Australian Treasury. He was found to have broken confidentiality agreements on Treasury discussions in 2013, 2016 and 2018. The TPB found that Collins shared information with other PwC staff in Australia and overseas. Some of this was later shared with clients and potential clients, according to the board. Collins left the ‘big four’ firm in October 2022.

KPMG POISED TO CAPITALIZE ON INCREASED DEMAND FOR OUTSOURCING CORPORATE TAX DEPARTMENTS [PR Newswire]
ONLY POSTING THIS BECAUSE THE ALL CAPS IS FUNNY.

SCAD and Deloitte Unveil New Digital Design, Research, and Innovation Studios [Business Wire]
The Savannah College of Art and Design (SCAD) has united with Deloitte, the world’s leading service provider, to establish the Deloitte Foundry at SCAD — a preeminent design, research, and innovation studio at the world’s elite university for creative professions. Since 2019, Deloitte has collaborated closely with SCADpro, the university’s in-house research and design studio, to provide hundreds of SCAD students with opportunities to create design solutions for some of the most complex issues facing public-sector organizations. Over 30 SCAD graduates are now employed by Deloitte as UX designers, service designers, media creators, and more.

Push to review government use of private accounting firms and major political donors amid PwC scandal [The Mandarin]
Meanwhile, in Australia: Greens senator Barbara Pocock has called for a government review of private consulting firms following revelations that a former partner from a so-called ‘Big 4’ consulting firm leaked confidential information from a government consultation process. Pocock said the symbiosis between government and these consultant firms “rip the heart out of the public service”, attracting talent from the APS, who were then contracted to do government work such as policy analysis and program implementation “for hugely inflated fees […] that could and should be done much more efficiently by a robust public sector”. “These big companies are poaching some of our best and brightest public servants,” Pocock said. She added that government employees serving the national interest would be more inclined to act ethically and without conflicts.

I Am Michelle Go’s Father. I Am Marking Her Death Where She Lived. [New York Times]
On the one year anniversary of his daughter’s murder in NYC, the father of former Deloitte senior manager Michelle Go wrote a touching letter for NYT: New York is the place where Michelle built her professional life, made so many friends and, most of all, enjoyed her life. It is because of her that on a regular basis, we as a family travel from our home in California to the city she called home. We hope that the city does not become a place we can only associate with her death. We pray that one day we will again see the New York that nurtured the love that Michelle had for life.

Law & Order

Northrop Grumman Faces Criminal Probe of Pension Accounting [Bloomberg Law]
The US Department of Justice has issued a criminal subpoena to defense contractor Northrop Grumman Corp. seeking information about the company’s calculation of pension expenses. The aerospace and defense company received a subpoena on Dec. 9 focusing on its financial and cost accounting controls, it said Thursday in its 10-K. The company has been facing questions on those issues from the Defense Contract Management Agency since 2019. The agency said in 2020 that assumptions the company used from 2013 to 2019 were potentially not compliant with Cost Accounting Standards, regulations that govern cost accounting requirements for government contracts.

Lawsuit says Kansas City development agency controller lied about his past, stole millions [KCUR]
When Lee Brown applied to the Economic Development Corporation (EDC) of Kansas City to oversee the agency’s finances in 2015, he said he held degrees in law and accounting, had worked at a prestigious accounting firm and earned a license as a certified public accountant. Discrepancies about Brown’s past surfaced during his background check, but the EDC hired Brown anyway. In his position as the EDC’s controller, Brown held considerable influence over how money flowed for a nonprofit that oversees several powerful agencies that grant tax breaks and make deals for development projects. But Brown did not have the degrees he said he held. He never worked at PriceWaterhouseCoopers. He did not have a CPA license.

Investors Wooed By Big Accounting Firm And Law Firm – It Was All False [Lexology]
Investors were assured not just by Mr. Ridall but the documents he furnished. Those included a statement from KPMG touting the success of one prior investor. The statement claimed that the investor return was 81%. Later, to again assure investors, letters from international law firm K&L Gates were produced to investors touting the spectacular investment returns obtained by Mr. Ridall. In fact, the KPMG documents were fabricated. The K&L Gates letters were fraudulent. The money had never been invested. The claimed investment history of Mr. Ridall was a lie. The complaint alleges violations of each subdivision of Securities Act Section 17(a), Exchange Act Section 10(b), and Advisers Act Sections 206(1), 206(2) and 206(4). The complaint is pending.

Firm Watch

Accountants Baker Tilly and Swedish Bank SEB Moving to The Spiral [Commercial Observer]
Accounting firm Baker Tilly and Swedish bank Skandinaviska Enskilda Banken AB (SEB) will shrink their New York office footprints and relocate to Tishman Speyer’s recently completed tower The Spiral, Bloomberg first reported. In the larger of the two deals, Baker Tilly signed a lease to take 28,000 square feet on the 22nd floor of the building at 66 Hudson Boulevard, according to a spokesperson for Baker Tilly. The firm will downsize from its current 49,328 square feet at One Penn Plaza.

Armanino Announces Record New Partner Class for 2023 [Business Wire]
Armanino LLP announced it welcomed 26 new partners in its 2023 class. The largest new partner class in firm history includes leaders who provide tax, consulting, trust and business management services. Fully half of the new class are women, with many completing the firm’s Executive Access Program, which pairs high-potential female managers with firm executives to provide them the opportunity to build relationships with key leaders and help drive career advancement.

Career

America, we have a problem. People aren’t feeling engaged with their work [NPR]
When Tanvi Sinha first got into accounting 17 years ago, she worked from the office every day, even Saturdays in the busy season. She enjoyed lunches out with colleagues and opportunities to learn just by listening and watching others. She grew professionally, aspiring to leadership roles. Now that her company has made working from the office optional, Sinha wonders if newcomers to the field will ever feel as connected to their work as she has been. “I’m pretty sure that their engagement would be affected,” says Sinha, now an audit manager with the accounting firm Matthews, Carter & Boyce in Fairfax, Virginia. A new report from Gallup finds that large numbers of workers, especially Gen Zers and young millennials, are not engaged with their jobs. And that could make their climb up the career ladder harder, as well as hurt companies’ overall performance.

The Accounting Tidal Wave and What it Means for Businesses [New Jersey Business]
Fierce competition amongst CPA firms and private industry for experienced staff with the CPA designation is creating significant increases in compensation levels. In the past, a six-figure salary was reserved for someone who achieved the level of supervisor or manager. Today, senior accountants with no more than two or three years of experience are sometimes earning more than $100,000. These increases in compensation are no doubt resulting in shrinking margins. This could lead to price increases for clients, which need to be kept in check.

Congratulations to this public accountant. You’re free!!

Audit

Why Global ESG Audits Will Be ‘Limited’ at First: Explained [Bloomberg Law]
Most big companies operating internationally will face mandatory environmental, social and governance reporting requirements over the next few years. The earliest mandate is coming from the European Union, which will demand sustainabiity reports from all big companies, including foreign companies operating there, starting in fiscal 2024. At first the reports will have to undergo limited assurance—accuracy checks by an outside firm—but within a few years they will have to get full audits, according to Tom Seidenstein, chair of the International Auditing and Assurance Standards Board. No deadline has been set for that yet.

U.S. watchdog should step up oversight of crypto auditors, say Democratic senators [Reuters]
U.S. Democratic Senators Elizabeth Warren and Ron Wyden are calling on the country’s accounting watchdog to increase oversight of firms that audit cryptocurrency companies in the wake of the collapse of crypto exchange FTX. In a letter to the U.S. Public Company Accounting Oversight Board (PCAOB) made public on Thursday, Warren and Wyden questioned the agency, which oversees registered public accounting firms around the world, as to why auditing firms working with FTX failed to identify corporate mismanagement and the lack of internal controls that federal prosecutors have alleged. “When PCAOB-registered auditors perform sham audits – even for firms that may lay outside of the PCAOB’s jurisdiction – they tarnish the credibility of the PCAOB,” Warren and Wyden wrote.

How can auditors define material fraud? [ICAEW Insights]
What makes a fraud material? It’s not necessarily as easy a question to answer as you’d expect. If it were, we wouldn’t have conversations about the expectation gap and common misconceptions around audit and fraud from non-auditors.

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EY Germany Gives 40 Partners and 380 Staff the Boot to Boost Profitability After That Whole Wirecard Thing https://www.goingconcern.com/ey-germany-gives-40-partners-and-380-staff-the-boot-to-boost-profitability-after-that-whole-wirecard-thing/ Thu, 26 Jan 2023 20:30:13 +0000 https://www.goingconcern.com/?p=1000503522 EY has been tightening the purse strings over the past several months ahead of the […]

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EY has been tightening the purse strings over the past several months ahead of the big Project Everest split, the vote on which remains delayed and should happen before the end of this quarter. The firm did not hand out mid-year bonuses in December and sources say that travel, training, and even hiring are on the cost-cutting chopping block. “There’s a huge clampdown on expenses at the moment to make the numbers for Everest valuation look good,” said a source at EY UK to FT.

Now we learn from Financial Times that EY Germany is planning to cut 40 partners and 380 staff “to improve profitability.”

Most of the job cuts are aimed at reducing back-office costs at the German business, one of the largest in EY’s 150-country operations, four people familiar with the matter told the Financial Times.

The majority of the 40 partners heading for the exit are in the firm’s audit practice. The cuts account for about 5 per cent of the roughly 800 equity and salaried partners in the German business.

Some of this is directly related to the fallout from Wirecard, the failed payments company EY Germany audited up until 2020 when the company failed spectacularly, owing creditors almost $4 billion and leaving €1.9 billion ($2.1 billion USD) completely unaccounted for. Former EY client Commerzbank announced a suit against the firm last week, looking to recoup the 200 million euros ($216 million) it lost from the failure. Several partners on the Wirecard engagement have left EY and surrendered their licenses, avoiding any potential punishment as German audit regulators won’t go after anyone who has left the profession, even those under investigation. For years, EY failed to spot fraud risk indicators at Wirecard, didn’t fully implement professional guidelines and, on key questions, relied on verbal assurances from executives, among other things.

So you see, costs must be cut and EY Germany needs to be cleaned up before the split.

Said FT:

The German cost-cutting project was referred to internally as “Zugspitze”, said people with knowledge of the plans, a reference to the country’s highest mountain. The audit and consulting split has been codenamed “Everest”.

The job cuts, which are subject to negotiations with an employee works council, were part of a restructuring to improve EY’s profitability in the country by reducing bloated back-office operations, said three people familiar with the plans.

The fallout from Wirecard has hit EY’s growth in Germany, leaving it with more staff than it needed, said two people at the firm.

Someone who spoke to FT said that the EY Germany cuts are specific to German operations, due in part to Wirecard but also low utilization and a touch of over-hiring. “Germany is in a very specific and unique situation . . . I do not expect material restructurings in any other location,” they said. Another person told FT the business has been “very quiet . . . with a lot of staff on the bench.” EY Germany employs about 11,000 people. Er, about 10,580 now.

The bulk of the 380 non-partners recently cut loose come from Core Business Services, so non client-facing roles. For a post-split EY, it’s assumed there will be less need for admin staff “because it would have a more centralised structure than the existing network of locally owned firms,” said FT.

EY Germany to axe hundreds of jobs in post-Wirecard cost-cutting push [Financial Times]

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Overcoming the Five Stages of Lease Accounting Grief https://www.goingconcern.com/help-with-lease-accounting-sponcon/ Wed, 25 Jan 2023 20:54:42 +0000 https://www.goingconcern.com/?p=1000503391 When Thomson Reuters reported late last year that the Financial Accounting Standards Board (FASB) had […]

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When Thomson Reuters reported late last year that the Financial Accounting Standards Board (FASB) had proposed an eighth round of changes to lease accounting rules1, accounting and finance execs around the country channeled their inner Charlie Browns with a collective, “Good grief!”

The grief is understandable, although we’re not sure how “good” it is. The FASB—along with its younger-but-still-well-adjusted sister, the Government Accounting Standards Board, or GASB—has been rolling out major changes to lease accounting standards since 2016. Many of these new rules are already in place, with others scheduled to go into effect soon.

Specifically, accounting and finance professionals are expressing grief over the impact of these new standards on their balance sheets. Once a relatively simple endeavor, determining whether a lease qualifies as an asset or liability has mutated into a kafkaesque odyssey across labyrinthine regulations, and efforts to implement the resulting changes have been marred by traps and pitfalls.

Navigating your grief over lease accounting changes

According to a random episode of 30 Rock, there are five stages of grief2. And—despite the near-total lack of empirical evidence that the five-stages (aka Kübler-Ross) model of grief is real or helpful in any way3—we’re not going to risk arguing with Alec Baldwin at this particular time.

Instead, because it’s fun and should make for a good article, we’ll plow ahead with the unfounded assumption that grief over the new lease accounting standards unfolds in a Kübler-Ross kind of way. Let’s explore the five stages of lease accounting grief—and, more importantly, examine expert advice on how you can navigate and overcome them.

Stage 1 of lease accounting grief:

Denial (of how much work you’ll need to do)

Underestimating (or outright denying) the amount of work required to implement the new lease accounting standards is an understandable temptation—but it’s also a dangerous one.

According to Deloitte, organizations must “radically transform how they account for leases,” with the changes causing a “ripple effect on business processes, from contracts to internal controls to debt agreements with banks.”4 And an EY report revealed that nearly half of surveyed companies anticipate spending $1-5 million to implement the new lease accounting standards.5

To move past denial, you first need to understand the various regulations, their impact, and their deadlines:

ASC 842, aka Topic 842

  • Summary: Requires most operating leases to be recorded on the balance sheet.
  • Deadline: Public companies had to comply in 2019. For private companies, see the table below.

ASC 842 deadlines

GASB 87, aka Statement No. 87

  • Summary: Requires state and local government organizations to capitalize most leases on the balance sheet.
  • Deadline: Applies to fiscal years beginning after June 15, 2021.

GASB 96, Subscription-Based Information Technology Arrangements (SBITAs)

  • Summary: Requires government entities to recognize a right-to-use subscription asset and corresponding subscription liability for such contracts with a specified term.
  • Deadline: Applies to fiscal years beginning after June 15, 2022.

And here are some more actions you can take to overcome lease accounting denial and procrastination, courtesy of the experts at EZLease:

  • Build time into your project to identify and load leases.
  • Consider choosing technology that has a short implementation timeline.
  • For ongoing compliance, keep the auditor’s “provided by client” list in mind throughout each financial period to avoid the last-minute rush.

Stage 2 of lease accounting grief:

Anger (over discovering you don’t know everything you lease)

Simply identifying everything your company leases can be challenging. In most cases, the real estate team knows what buildings are being leased. But what about all the other leases, for things like photocopiers, office furniture, laptops, servers, forklifts, trucks, cars, or even aircraft?

A study by EZLease found that private companies had the most difficulty finding and analyzing their equipment leases, followed by real estate leases, embedded leases, and international leases.6

When we can’t find what we need to start a project, it definitely makes us angry—like the time we really needed a Phillips-head screwdriver, but all we could find was the court citation from repeatedly breaking into the hardware store across the street.

So, while anger is a reasonable response to being unable to find your leases, you can do plenty of things to restore calm. This handy Quick Start Guide, for instance, provides some concrete steps you can take to locate all your lease data and load it into a centralized database.

Stage 3 of lease accounting grief:

Bargaining (with makeshift solutions that only make things worse)

With actual grief, the bargaining stage involves pledging to reform one’s life in exchange for avoidance or reversal of the initial grief-inducing circumstances. The lease accounting equivalent to this would be something akin to an attitude of, “If I can just survive the first audit under the new standards, I swear I’ll get my lease data organized for real next time.”

But this approach will only cause further problems down the road (which we’ll examine more in the next section.) Instead, the first audit should lay the groundwork for future success. By taking the time upfront to establish complete and accurate lease data, document policy requirements, and implement the right technologies and solutions, you can create a scalable, workable strategy that will make subsequent audits far less painful.

Accounting and finance professionals who spend too long in Stage One (denial) may have particular trouble with this stage, wherein panic over rapidly approaching deadlines leads to short-term fixes or patchwork solutions made from legacy processes and outdated or improper tools.

Spreadsheets, for example, may seem “good enough” to allow you to survive your first audit. Unfortunately, spreadsheets are missing essential functions needed to achieve and maintain compliance, especially when lease counts go above 10.

Here are some other actions you can take to move beyond the bargaining stage (again courtesy of EZLease):

  • Work with your auditors ahead of time to understand what they require for the new standards.
  • Use technology to ensure your work is repeatable from period to period to make ongoing audits easier.

Stage 4 of lease accounting grief:

Depression (over realizing the long-term impact of quick fixes)

You may be able to avoid this stage if you follow our advice re: bargaining and put the proper lease accounting solutions in place from the start. For many of you, however, that advice is like the $1-off VHS rental Blockbuster coupons we gave our employees as “holiday bonuses” on January 16th—too little, too late.

If you took a triage, duct-tape-style approach to achieve compliance with new lease accounting standards for your first audit, you might already be feeling the sting of the resulting complications. These could include challenges with scalability, version control, collaboration, data integrity, and audit trails. It all adds up to untold amounts of redundant or unnecessary work that—while maybe not “depressing”—is more than enough to give your average accounting or finance exec the lease accounting blues.

As the lawyers in our numerous libel, slander, and felony jaywalking court cases keep reminding us, however, it’s never too late to do things the right way. Which brings us to…

Stage 5 of lease accounting grief:

Acceptance (that your approach needs to change)

At long last, there’s acceptance—the calm, stable relief that makes the fight through denial, anger, bargaining, and depression all worth it. (Or it would be, if the Kübler-Ross model was, you know, real. But you’ve humored this labored metaphor all the way to the end, so we think you deserve some degree of resolution.)

Ultimately, overcoming your grief over the new FASB and GASB standards means accepting that you’ll need to rethink how you handle lease accounting. It means acknowledging that change is required—and that the right way forward may include forgoing legacy processes and solutions in favor of new technology and/or services.

The good news is, the right lease accounting software can help you implement the new standards with minimal cost, risk, and negative impact. But if you decide to go this route, be sure to do your homework.

Qualities to look for when researching lease accounting software include:

    • Fast setup
    • Quick, easy, bulk loading of lease data
    • Automated data validation for all related standards
    • Easy lease modification and validation of changes
    • “Push-button” accounting and disclosure reporting features
    • Proven experience with firms of your size
    • Training and onboarding support

Alternatively, you can outsource some or all of your lease accounting needs through managed services. This is a good option for if you are:

  • Not staffed to set up or manage lease accounting and/or software
  • Just starting to manage leases and have a large, complex portfolio
  • Running out of time
  • Looking for lease abstraction, attestation, policy decisions, and memos

Get (and stay) ahead of lease accounting compliance

By implementing the right business processes, controls, technology, and services, you can stay on top of lease accounting compliance—and achieve sustainable results that allow you to shift focus back to your core mission and customers.

Hundreds of companies of all sizes, with hundreds of thousands of real estate and equipment leases, trust EZLease for their lease accounting needs. Backed by decades of expertise, EZLease helps entities from solo CPAs to Fortune 500 enterprises—carrying anywhere from just a few to over 50,000 leases—achieve and maintain compliance.

You can try EZLease for free for 15 days and return it risk-free after 30 days if you aren’t satisfied. Even better: If you have fewer than 10 leases, EZLease offers a free tier via its Essentials Plan.

Sign up for a free trial now to discover how EZLease can get you compliant with ASC 842, GASB 87, GASB 96, and/or IFRS 16 in just hours—and learn why EZLease is the simplest, highest-rated lease accounting software.

Try EZLease for free >

1Lugo, Denise, “FASB Proposes to Clarify Lease Accounting Rules for Subsidiaries Controlled by the Same Parent Company,” Thomson Reuters, December 2, 2022.
2 https://www.youtube.com/watch?v=NIKx9mk5VMU
3 Stroebe M, Schut H, Boerner K, “Cautioning Health-Care Professionals,” Omega (Westport), March 2017.
4Flashpoint: Changes to Lease Accounting Standards,” Deloitte, 2016.
5Cohn, Michael, “Lease Accounting Changes Expected to Cost Millions,” Accounting Today, December 4, 2018.
66 Steps to Finding and Loading Lease Data: EZ Lease Quick Start Guide,” EZLease, 2021.

 

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Friday Footnotes: EY Can’t Hire Tech; John Doe Sues the PCAOB; Auditors Can’t Find Torpedoes and Missiles | 1.20.03 https://www.goingconcern.com/friday-footnotes-ey-cant-hire-tech-john-doe-sues-the-pcaob-auditors-cant-find-torpedoes-and-missiles-1-20-03/ Fri, 20 Jan 2023 22:00:23 +0000 https://www.goingconcern.com/?p=1000503428 Practice Management How firms use stay interviews to boost retention [Journal of Accountancy] Job interviews […]

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Practice Management

How firms use stay interviews to boost retention [Journal of Accountancy]
Job interviews have long been an essential part of the hiring process. But now, some public accounting firms are turning the lens on themselves. They’re conducting “stay” or “retention” interviews with existing employees. The goal is to understand how they can be a more attractive workplace and reduce employee turnover — a top issue for many public accounting firms. “There’s a war for talent,” said Phil Whitman, CPA, CEO and president of Whitman Transition Advisors LLC, a consultancy that provides recruiting, M&A advising, and other services for accounting firms. Anything firms can do to retain employees is typically less expensive and less disruptive than hiring someone new, he said.

Big 4

EY says it hasn’t seen ‘a rash of talent that’s all of a sudden available’ despite huge tech layoffs [Insider]
Tech companies may be laying off staff left, right and center — but it doesn’t mean there’s an abundance of talent readily available in the market, the CEO of accounting giant EY told Bloomberg on Wednesday. “If you just read the headlines around what’s going on, you might think, there’s all kinds of people who know technology out there,” Carmine Di Sibio told Bloomberg in an interview at the World Economic Forum in Davos. But that doesn’t appear to be the case. “We’re not struggling to source talent, but it’s not like we’re seeing a rash of talent that’s all of a sudden available,” Di Sibio said, adding that the firm’s hiring is “business as usual” — which EY reiterated to Insider.

PwC sees off Deloitte to retain HSBC audit worth up to $1bn [Financial Times]
PwC has retained the most valuable audit contract on the London Stock Exchange after overcoming a challenge from Deloitte to sign off the accounts of HSBC until 2034. HSBC announced on Friday that it had decided to reappoint PwC following a tender process that was required because the Big Four firm will have served for 10 years by the time it signs the 2024 accounts. PwC and Deloitte were the final two firms in HSBC’s marathon tendering process that effectively began when the bank informally contacted accounting firms in 2021, according to people familiar with the process. The HSBC audit is by a distance the most expensive on the London Stock Exchange ahead of those at Barclays and Shell. The bank paid PwC $130mn for audit and related assurance services in each of 2020 and 2021, meaning the appointment could be worth about $1.3bn over the next decade. PwC took over from KPMG in 2015 and was eligible to serve until 2034 subject to a competitive tender at the 10-year mark. Under rules introduced in 2016, large UK-listed companies are required to change auditor at least every 20 years and to run a competitive tender once a decade.

Germany’s Commerzbank sues EY for Wirecard losses [Reuters]
The German lender Commerzbank (CBKG.DE) is suing accounting firm EY over the 200 million euros ($216.12 million) in losses that it incurred in the collapse of Wirecard, a bank spokesperson said on Thursday. Wirecard’s downfall two years ago shook the German business establishment, putting politicians who had backed it under intense scrutiny, along with regulators that took years to investigate allegations against the payments company. EY was for years the firm that audited and certified Wirecard’s books even as journalists and investors raised questions about its finances. The Commerzbank spokesperson said the case had been filed in Frankfurt court in recent weeks. An EY spokesperson said “claims against EY for damages do not hold up”. EY assumes that the courts will also uphold this position, the person added.

ESG

Companies parachute accountants in to fix flawed ESG data [Financial Times]
Accountants and auditors are muscling in on the preparation of climate data amid concern that companies are still far from ready for disclosure rules being drawn up by regulators around the world. The US Securities and Exchange Commission is finalising a rule to require audited emissions data be included in corporate financial reports, while accounting standards setters in Europe are close to publishing new climate reporting guidelines. The developments raise the stakes for companies that until now have been reporting environmental, social and governance data on a largely voluntary basis. In response, companies are pulling staff from their finance departments into work on emissions data and other ESG metrics that are currently pulled together by specialists in sustainability reporting. Some are appointing “ESG controllers” with accounting backgrounds to impose the kinds of internal systems used to produce financial statements.

Audit

Circle Taps Deloitte as New Auditor, Doubles Down on Proof of Reserves [Blockworks]
Circle, who for years partnered with firm Grant Thornton for its audits, makes the switch to Deloitte as various accounting firms express concern over working with crypto companies.

Pentagon Can’t Account for $220 Billion of Gear Given to Contractors [Reason]
Auditors say the Pentagon cannot account for $220 billion worth of government-owned gear provided to military contractors—and the actual total is likely much higher. In a report released Tuesday, the Government Accountability Office (GAO) slammed the Pentagon’s handling of so-called “government-furnished property” (GFP) that has been passed off to contractors with little oversight. The GAO notes that auditors have asked for decades that the Pentagon develop a plan to account for that gear and equipment—which can include “ammunition, missiles, torpedoes,” and component parts for those items—to little avail. In 2001, the Pentagon said it would address the issue by 2005. In 2020, it said the process would be complete by 2026.

Auditing best practices: What academic fraud research reveals [Journal of Accountancy]
Auditors are expected to comply with the requirements in AU-C Section 240, Consideration of Fraud in a Financial Statement Audit, in conducting financial statement audits. Academics who perform fraud research were recently asked by the AICPA’s Auditing Standards Board (ASB) to synthesize contemporary auditing research related to the auditor’s identification, assessment, and response to fraud risks, and to communicate any revealed best practices. They identified 40 fraud-related studies published in highly regarded accounting journals between 2016 and 2022, along with several unpublished studies available on the Social Science Research Network. Below are some best practices based on those studies, organized according to select requirements in AU-C Section 240.

Law & Order

PCAOB sued by advocacy group on behalf of accountant [Accounting Today]
The Public Company Accounting Oversight Board is on the receiving end of a lawsuit filed by a civil liberties group for penalizing an unidentified accountant. The New Civil Liberties Alliance filed a complaint Thursday in the U.S. District Court for the Northern District of Texas seeking declaratory and injunctive relief from the PCAOB, claiming the audit overseer used “secret disciplinary proceedings” to unconstitutionally prosecute the unnamed accountant. The plaintiff is referred to only as “John Doe” and is described as an accountant who previously worked as an auditor at an accounting firm in the South American country of Colombia that is a member of a larger international network of accounting firms. In 2015, the accountant worked on a team that performed “component audit procedures” relating to a publicly traded audit client to help a different member firm within the network, which was the principal auditor of the client’s financial statements.

NJ Accountant Pleads Guilty in $1.3 Billion Green Tax Fraud Case [Bloomberg]
A New Jersey accountant pleaded guilty to participating in a scheme to sell $1.3 billion in fraudulent tax deductions supposedly aimed at preserving green space. The accountant, Ralph Anderson, sold partnerships in deals known as syndicated conservation easements, which the Internal Revenue Service says are often fraudulent tax shelters. The IRS has audited at least 28,000 taxpayers who claimed $21 billion in deductions through those kinds of deals. Anderson, 64, pleaded guilty to conspiracy to defraud the US, saying he marketed the deals to wealthy clients by guaranteeing tax deductions worth at least four times their investments, which he knew was “too good to be true.” He also admitted that some partnership agreements were backdated to falsely show they closed in the previous tax year, which is a key allegation in the case against Fisher and other defendants.

Bergen Accountant Defrauds Insurance Fund Of $7M In Workers’ Comp: DA [Patch]
A Bergen County accountant stands accused of defrauding a public insurance carrier of more than $7 million in workers’ compensation premiums by filing doctored payroll records that greatly reduced the size of a client’s workforce, authorities said. Steven Lyon, an Edgewater accountant, was hired by New York specialty contractor Oneteam to prepare and file its quarterly payroll reports with the state Department of Labor, and its yearly state and federal tax returns. Lyon also acted as Oneteam’s representative during annual audits conducted by the New York State Insurance Fund, Manhattan District Attorney Alvin Bragg, Jr., said. As alleged, from Jan. 1, 2019, to May 15, 2021, Lyon used separate email accounts to file payroll-related documents with the labor department and insurance fund, Bragg said. While filings submitted to the labor department were accurate, those submitted to the insurance fund were doctored to “drastically reduce” the size of Oneteam’s workforce, the district attorney said.

Former accountant for troubled Williamsburg Hotel held in contempt [The Real Deal]
Days after a trustee approved the $96 million sale of Michael Lichtenstein and Toby Moskovits’ Williamsburg Hotel [in NYC], the property’s former accountant is in hot water. A federal judge is holding Daniel Norensberg and his Long Island-based accounting firm in contempt for failing to comply with subpoenas to produce information about the bankrupt hotel’s affairs. Norensberg has been ordered to pay $500 per day until he complies. A court-appointed trustee is seeking the information as he investigates Lichtenstein and Moskovits’ financial maneuvers at the posh hotel at 96 Wythe Avenue, which the developers put into bankruptcy in 2021 to fend off a foreclosure attempt by lender Benefit Street Partners. The bankruptcy proceedings have certainly been contemptuous.

Int’l

Shortage of accountants ‘to worsen’ in 2023 [RTÉ]
Chartered Accountants Ireland is warning that an acute shortage of qualified accountants will worsen in 2023, as Irish businesses struggle to access talent. The institute is highlighting the problem ahead of its annual dinner in Dublin tonight. President of Chartered Accountants Ireland Pat O’Neill said that the shortage is driven by a huge increase in competition for talent from non-accounting roles but also a gap in perception of what accountants actually do. “Anecdotally, the talent pipeline problem is clear right across the profession, from practices of all size to industry, resulting in attraction and retention challenges, not just in Ireland, but around the world, and we are working with global partners to tackle it,” Mr O’Neill said.

We spoke with a recent grad about what it’s like to become a CPA [DailyHive]
After immigrating to Canada, Syrian refugee and 2SLGBTQ+ activist Anas Qartoumeh used his previous experience to secure his first jobs with KPMG and the University of British Columbia (UBC). But, feeling limited by his options, he decided to pursue getting a CPA designation. “I was born in Damascus, one of the oldest continually inhabited cities in the world,” Qartoumeh tells Daily Hive. “Before the war, Damascus was full of life and culture and had a lot to offer. A mix of history and modern life. People used to visit Damascus from all around the world to enjoy the scenery, local food and warm weather.” Since the conflict started in Syria in 2011, the country changed and its rich history was replaced by negative images of death and tragedy. In 2015, he fled his home to escape mandatory military service and the civil war, and crossed the border into Lebanon, which had been overrun with refugees. He shortly moved to Kurdistan, Iraq, to work at Deloitte and Touche. He came to Canada in 2017 through the Vancouver Rainbow Refugee program and the Central Okanagan Refugee Committee, landing in Kelowna.

New standard “a revolution” in public co auditing [Globes]
Israel: The company reporting season for the final quarter of 2022 will shortly begin. In company financials as currently presented, important matters that cast light on the behavior of senior company managers and their considerations in significant decisions are often obscured by professional jargon and a welter of numbers, and not every investor understands them completely. Such matters can be lost among the hundreds of detail-laden pages. Under a new auditing standard, they will come under the spotlight. Starting from financial statements for periods ending on December 31, 2022, public company auditors will have to apply standard 701, which requires them to communicate “key matters in the audit” in the auditor’s report. “Up to now, auditors would express an opinion on financial statements in uniform wording, The new standard means that in addition to the usual formula, an opinion must be recorded pointing out all the most significant matters that the auditor has encountered,” explains Hofit Gotesdyner, a partner at accountants and consultants BDO Ziv Haft. “The additional new reporting will have a considerable effect on the companies being audited and on the way audits are conducted,” she says.

Truf

The post Friday Footnotes: EY Can’t Hire Tech; John Doe Sues the PCAOB; Auditors Can’t Find Torpedoes and Missiles | 1.20.03 appeared first on Going Concern.

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Promotion Watch ’23: 36 People at Moss Adams Earned Their Stripes https://www.goingconcern.com/moss-adams-new-partners-2023/ Thu, 12 Jan 2023 16:51:43 +0000 https://www.goingconcern.com/?p=1000503307 Moss Adams admitted 36 lucky boys and girls into the partnership last week, topping last […]

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Moss Adams admitted 36 lucky boys and girls into the partnership last week, topping last year’s new partner class of 34 and more than double the class of 2021.

“Our newest group of admitted partners exemplifies our focus on providing holistic services that help our clients succeed,” said Eric Miles, CEO and chairman for Moss Adams. “I’m proud to have this group join our partnership.”

That group includes these 23 men and 13 women:

  • Matt Billings, Denver; National Tax
  • Maria Braun, Seattle; SOC Examinations
  • Erin Clayville, Seattle; Internal Audit
  • Sasha Correnti, Seattle; Not-for-Profit
  • Terry Dickens, San Francisco; Private Clients
  • Halie Garcia, Albuquerque, NM; Internal Audit
  • Derek Groff, Denver; Valuations
  • Sara Harper, Santa Rosa, CA; Wine, Beer and Spirits
  • Sheila Herrera, Albuquerque, NM; Manufacturing and Consumer Products
  • Tommy Hiscocks, Los Angeles; Construction
  • Benjamin Isley, Dallas; Technology
  • Jared James, Seattle; IT Compliance
  • Tan Le, Everett, WA; Aerospace and Defense
  • Scott Leback, Portland, OR; Technology
  • Ryan Luetkemeyer, Albuquerque, NM; Tribal and Gaming
  • Aaron McFarland, Seattle; Wealth Management
  • Kellie McKenna, Seattle; Financial Services
  • Jackie Merrill, Eugene, OR; Food and Beverage
  • ​​​​Matt Mueller, Denver; Manufacturing and Consumer Products
  • Jeremy Nichols, San Diego; Construction
  • Tim Oakes, Issaquah, WA; Development and Integration
  • Daniel Olson, Silicon Valley, CA; Technology
  • Chris Parker, Sacramento, CA; State and Local Tax
  • Sid Paruthi, Silicon Valley, CA; International Tax
  • Rae Paulson, Santa Rosa, CA; Wine, Beer and Spirits
  • Linda Pei, Los Angeles; Manufacturing and Consumer Products
  • Michael Pihowich, Los Angeles; Transaction Services
  • Anthony Porter, Everett, WA; Financial Services
  • Bradley R. Porter, Dallas; Transaction Services
  • Corey Preugschat, Seattle; Manufacturing and Consumer Products
  • Kimberly Sokoloff, San Francisco; Health Care
  • Mathew Stopa, Everett, WA; Health Care
  • Emily Tillis, Spokane, WA; National Assurance
  • Aparna Venkateswaran, Orange County, CA; Health Care
  • Chris Waetzig, Portland, OR; Wealth Management
  • Brian Wong, San Francisco; Technology

Congrats to all! Now start making it rain.

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Promotion Watch ’23: 109 Folks at RSM US Will Be Getting New Business Cards https://www.goingconcern.com/rsm-us-new-partners-principals-2023/ Wed, 11 Jan 2023 13:00:16 +0000 https://www.goingconcern.com/?p=1000503288 Jan. 1 was a big day for 109 overachievers at RSM US as their long […]

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Jan. 1 was a big day for 109 overachievers at RSM US as their long journeys in public accounting finally culminated in being promoted to partner or principal.

The class of 2023 has the most members by far in recent years, topping the 88 new partners and principals in the class of 2022, followed by classes of 84, 80, and 68.

The person who will be ordering these 79 men and 30 women around said this about the class of 2023: “I am pleased to congratulate our new partners and principals on this exciting next step in their careers,” said Brian Becker, managing partner and CEO of RSM US. “They have already distinguished themselves as first-choice advisors to our clients and teams, and I am confident they will help lead us into the future as we become a digital firm providing assurance, tax and consulting services. I am so proud of all they have already achieved and look forward to supporting their future growth and development.”

Here’s a closer look at the RSM class of 2023 by the numbers:

  • 44: The number of new partners and principals in consulting, the most of any service line, followed by 33 in audit and 32 in tax.
  • 30: The number of new partners and principals who are women, or 27.5% of the class.
  • 27: The number of new partners and principals who work in the Northeast region, the most of any region, followed by 24 in the Great Lakes region, 20 in the Central region, and 19 in the Southeast region.

Here are the 79 men and 30 women whose dreams came true last week:

Name Line of Business Focus Industry/Industries Region
Adams, David Audit Consumer Products; Real Estate Central Region
Ali, Jusna Audit Financial Services Northeast Region
Andreoni, William Consulting Financial Services; Life Sciences Northeast Region
Andrew, Nate Consulting Health Care Southeast Region
Baciu, Beatrice Consulting Life Sciences; State and Local Government West Region
Baiardo, Dan Tax Technology, Media and Telecommunications; Business and Professional Services Great Lakes Region
Bedsole, Trae Audit Real Estate; Federal Government Southeast Region
Bradshaw, Heather Tax Industrials; Health Care Central Region
Braganza, Brandon Consulting Technology, Media and Telecommunications; Gaming Canada Region
Broders, Mark Tax Industrials; Consumer Products Central Region
Bulman, Veronica Audit Real Estate; Financial Services Northeast Region
Caldwell, Ryan Audit Health Care; State and Local Government Great Lakes Region
Cannizzo, Garrett Audit Industrials; Consumer Products Great Lakes Region
Carlson, Matt Tax Consumer Products; Industrials Great Lakes Region
Chrzanowski, Tom Tax Industrials; Consumer Products Great Lakes Region
Conza, Thomas Audit Industrials; Consumer Products Northeast Region
Cook, Julie Tax Private Clients – Individuals; Real Estate West Region
Coulter, Spencer Consulting Industrials; Consumer Products Central Region
Cox, Mark Consulting Industrials; Consumer Products Southeast Region
Cruz, Joy Consulting Nonprofit and Education; Financial Services Great Lakes Region
Czorny, Chris Audit Industrials; Real Estate Canada Region
Davitt, John Tax Technology, Media and Telecommunications; Consumer ProductsTechnology, Media and Telecommunications; Consumer Products Great Lakes Region
DeNiese, Newton Consulting Financial Services Canada Region
Dollard, Matt Consulting Industrials; Consumer Products Great Lakes Region
Doyle, Patrick Tax Financial Services; Real Estate Northeast Region
Dragon, Chris Consulting Consumer Products; Industrials Central Region
Erlingheuser, Jeffrey Tax Financial Services Northeast Region
Finley, Craig Consulting Technology, Media and Telecommunications; Nonprofit and Education Northeast Region
Foley, Sean Audit Industrials; Real Estate Canada Region
Frank, Damon Consulting Technology, Media and Telecommunications; Life Sciences West Region
Garcia, Gene Tax Real Estate; Private Clients – Individuals Central Region
Gauss, Chris Tax Consumer Products; Technology, Media and Telecommunications West Region
Ghazi, Taimur Consulting Industrials; Financial Services Central Region
Goldberg, Joe Consulting Life Sciences Northeast Region
Gore, Mitchell Consulting Industrials; Financial Services Central Region
Graft, Michael Audit Consumer Products; Industrials Great Lakes Region
Hamner, Steve Tax Technology, Media and Telecommunications; Business and Professional Services Northeast Region
Hart, Elizabeth Consulting Technology, Media and Telecommunications; Financial Services Northeast Region
Heyendal, Steven Audit Technology, Media and Telecommunications; Consumer Products West Region
Honcharova, Mariya Tax Consumer Products; Technology, Media and Telecommunications Canada Region
Jain, Ricky Consulting Technology, Media and Telecommunications Northeast Region
Jones, John Consulting Life Sciences; Consumer Products Southeast Region
Jones, Lauren Tax Industrials; Consumer Products Southeast Region
Jones, Teag Tax Industrials; Technology, Media and Telecommunications Southeast Region
Kemler, Steve Consulting Life Sciences; Technology, Media and Telecommunications Northeast Region
Kirkman, Kelly Audit State and Local Government; Nonprofit and Education Great Lakes Region
Knight, James Consulting Business and Professional Services; Industrials Canada Region
Kohlhofer, George Consulting Consumer Products; Financial Services Central Region
Krueger, Zak Consulting Industrials; Consumer Products Central Region
Kumm, Brittany Tax Health Care; Business and Professional Services Central Region
Kuntz, Jen Consulting Technology, Media and Telecommunications; Consumer Products Great Lakes Region
Landry, Patrick Consulting Health Care; Business and Professional Services Southeast Region
Landy, Katie Consulting Industrials; Consumer Products Southeast Region
Maroz, Jessica Tax Technology, Media and Telecommunications Northeast Region
Mazzarella, Michael Tax Industrials; Consumer Products Great Lakes Region
McConnell, Jason Consulting Industrials; Consumer Products Southeast Region
McConnell, Patrick Audit Industrials; Real Estate Central Region
McLaughlin, David Consulting Industrials; Consumer Products Great Lakes Region
Melton, Jonas Consulting Business and Professional Services; Real Estate Southeast Region
Michael, Eric Consulting Business and Professional Services; Industrials Northeast Region
Moreira, Brian Tax Financial Services Northeast Region
Musto, Louis Consulting Financial Services Northeast Region
Nahass, Ronald Consulting Private Clients – Individuals; Financial Services Northeast Region
Neilson, Liam Audit Financial Services Canada Region
Neuman, Doron Consulting Consumer Products Canada Region
Ngu, Henry Consulting Financial Services Northeast Region
Noble, Jen Audit National
O’Brien, Laurie Audit Financial Services; Real Estate Great Lakes Region
Oza, Bhavin Tax Business and Professional Services; Consumer Products Canada Region
Pierce, David Consulting Financial Services; Business and Professional Services Central Region
Pirotte, Nick Tax Industrials; Consumer Products Central Region
Powers, Craig Tax Industrials; Consumer Products Central Region
Pucciarelli, Amanda Tax Industrials; Financial Services Northeast Region
Rabinowitz, Rachel Audit Life Sciences; Business and Professional Services Northeast Region
Rao, Arvind Consulting Health Care; State and Local Government Northeast Region
Rathfelder, Kristen Consulting Industrials; Private Equity Northeast Region
Reiff, Chris Tax Consumer Products Great Lakes Region
Reiring, Mike Consulting Business and Professional Services; Financial Services Southeast Region
Reo, Anthony Audit Financial Services Great Lakes Region
Reynolds, Jonathan Consulting Business and Professional Services Southeast Region
Richardson, Rachel Tax Financial Services Southeast Region
Robbins, Chas Consulting Gaming; Business and Professional Services Central Region
Rose, Jeremy Consulting Industrials; Life Sciences Northeast Region
Rose, Neely Audit Industrials; Consumer Products Southeast Region
Rote, Katrina Audit Consumer Products; Business and Professional Services Southeast Region
Rudolph, Amy Consulting Business and Professional Services; Health Care Central Region
Rustad, Cameron Audit Technology, Media and Telecommunications; Nonprofit and Education Canada Region
Schlauderaff, Ben Audit Consumer Products; Industrials Central Region
Schloer, Ryan Consulting Consumer Products; Industrials Northeast Region
Schneider, Brian Tax Industrials; Technology, Media and Telecommunications Great Lakes Region
Schoon, Brian Audit Industrials; Real Estate Central Region
Seifert, Bob Audit Industrials; Consumer Products Great Lakes Region
Sheehan, Matt Audit Financial Services Great Lakes Region
Shenk, Kurt Audit Technology, Media and Telecommunications; Business and Professional Services Northeast Region
Smith, Mike Tax Industrials; Consumer Products Great Lakes Region
Stoker, Clay Tax Real Estate; Financial Services Southeast Region
Sykes, Lori Tax Business and Professional Services; Industrials Southeast Region
Szuberla, John Consulting Technology, Media and Telecommunications; Nonprofit and Education Great Lakes Region
Taylor, Daryl Audit Financial Services Central Region
Thomas, Matt Audit Financial Services Northeast Region
Trepanier, Sean Audit Technology, Media and Telecommunications; Life Sciences West Region
Tuschong, Jess Tax Industrials; Life Sciences Great Lakes Region
Ty, Bryan Audit Technology, Media and Telecommunications; Business and Professional Services Great Lakes Region
Wittersheim, Corey Tax Business and Professional Services; Technology, Media and Telecommunications Southeast Region
Wolverton, Jennifer Audit Real Estate Great Lakes Region
Wood, Jaclyn Tax Private Clients – Individuals; Business and Professional Services Southeast Region
Zavoronkova, Irina Consulting Consumer Products; Business and Professional Services Northeast Region
Zika, Jeanette Audit Industrials; Life Sciences West Region
Zuk, Jamie Audit Life Sciences; Technology, Media and Telecommunications Canada Region

Know any of these people? If so, tell them congrats.

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Monday Morning Accounting News Brief: EY Wants to Buy; Losers Dump NFTs For Tax Purposes; CPA Demand in 2031 | 1.9.23 https://www.goingconcern.com/monday-morning-accounting-news-brief-ey-wants-to-buy-losers-dump-nfts-for-tax-purposes-cpa-demand-in-2031-1-9-23/ Mon, 09 Jan 2023 15:35:47 +0000 https://www.goingconcern.com/?p=1000503258 Deloitte announced today that Anna Taylor — former tax and economic policy principal advisor to […]

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Deloitte announced today that Anna Taylor — former tax and economic policy principal advisor to Senate Majority Leader Chuck Schumer (D-N.Y.) — has joined Deloitte’s Washington National Tax practice as the deputy managing principal of the Tax Policy Group. KPMG chief economist Brendan Rynne said the key emerging obstacle that the firm found in its annual survey of 473 senior executives was business growth. A PCAOB inspections leader offers his insight to auditors at a conference: “The role of the financial statement auditor and the auditing profession continues to be a noble endeavor that has never been more needed and vital to our economic stability and the well-being of our capital markets,” said George Botic, CPA. “Like oxygen, audit quality may not be fully appreciated when it is present, but I think you can definitely tell when it’s missing.” Singapore’s Accounting and Corporate Regulatory Authority (ACRA) has issued its fourth Financial Reporting Surveillance Programme (FRSP) report, which has identified that knowledge gaps and insufficient due diligence remain the main root causes contributing to material non-compliance with accounting standards; Another root cause was the lack of action taken on issues raised by auditors. Here’s a rundown of accountant-client privilege vs. attorney-client privilege as explained by a tax lawyer.

Michael Love believes that every law student should take a course in tax law. “There’s a misconception that it’s a dry accounting exercise, but ultimately tax law is a very rich moral discussion,” he says. “When there are presidential elections, candidates talk at length about tax policy proposals, which are fundamentally about who bears the burden and who enjoys the benefits of our public finance system. It’s a reflection of our values as a society.” [Columbia Law School]

EY plans to go shopping if the split goes forward:

EY is setting aside $2.5bn to fund an acquisition spree for its consulting arm following its planned separation from the Big Four firm’s audit business, as it presses ahead with preparations for the historic split.

The war chest will allow the new company, which EY is aiming to float in New York, to double the pace of dealmaking as it battles to win market share from its Big Four rivals and standalone consulting firms, according to people familiar with the plan.

Bosses have also earmarked a budget of up to $400mn to be ploughed into building a new brand for the consulting business, which will no longer use the EY name after the split.

While you were cramming in CPE, NFT investors spent the last moments of 2022 dumping their worthless tokens to claim tax losses:

Thousands of investors with nearly worthless nonfungible tokens, or NFTs, rushed to tax-loss-harvesting marketplaces during the final days of last year, dumping their once pricey digital collectibles to offset gains elsewhere in their portfolios.

That created an opportunity for at least two online platforms launched to do something counterintuitive—create liquidity for assets that are, by design, illiquid, and nonfungible. While most markets capitalize on growth opportunities for tradable assets, these platforms quickly launched to help investors realize losses during a year in which NFTs saw both a boom and a bust.

Business was brisk on both platforms as investors raced the year-end tax deadline to sell their one-of-a-kind digital assets for a fraction of a penny after purchasing them for hundred, or thousands, of dollars earlier in the year.

What is the secret to a good PPT? r/accounting reveals all:

Some stats:

With changing tax regulations becoming more complex and a growing economy, job opportunities for CPAs will remain high for the foreseeable future. The U.S. Bureau of Labor Statistics projects that job opportunities for accountants and auditors will increase by 6% from 2021 to 2031, which is as fast as other occupations.

The agency approximates 136,400 job openings annually for accountants and auditors, with CPA professionals having the best prospects. The median annual salary for CPAs was $77,250 in May 2021.

From where I sit the profession is completely useless“: a play in four acts

As seen on r/accounting

I leave you with this. It’s never good when an accountant ends up in The Daily Mail:

Have a better week than that lady is having, everyone!

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Friday Footnotes: The Metaverse’s First CPA Firm Gets Sued; CPA Exam Blueprints; Mad Mergers | 1.6.23 https://www.goingconcern.com/friday-footnotes-the-metaverses-first-cpa-firm-gets-sued-cpa-exam-blueprints-mad-mergers-1-6-23/ Fri, 06 Jan 2023 22:00:12 +0000 https://www.goingconcern.com/?p=1000503252 Wooooo it’s the first Footnotes of 2023! Here’s what’s going on, there’s not a whole […]

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Wooooo it’s the first Footnotes of 2023! Here’s what’s going on, there’s not a whole lot of it:

Long Read

FTX Customers Take Enron, WorldCom Path in Legal Fight for Cash [Bloomberg Law]
FTX customers going outside bankruptcy court to recover losses from Sam Bankman-Fried’s failed crypto empire are using a legal path that has worked in past collapses such as WorldCom and Enron: They’re going after the supposed enablers. Laws that freeze claims against debtors in bankruptcy don’t apply to third parties. So customers have filed more than a half-dozen proposed class actions against the NFL’s Tom Brady, accounting firm Prager Metis and Bankman-Fried as an individual, among others. “When you have a massive financial collapse like FTX, there are going to be many, many institutions—and perhaps individuals—who allegedly profited improperly along the way,” said Samuel Issacharoff, a New York University law professor. History shows such actions have a shot at paying off, said James Park, a UCLA School of Law professor. The implosions of WorldCom and Enron two decades ago, also amid fraud revelations, led to class-action settlements in the billions of dollars paid out by underwriters, banks and other parties.

CPA Exam

2024 CPA Exam Blueprints released [Journal of Accountancy]
Changes to the Blueprints and the Exam “really focus on additional technology concepts, including System and Organization Controls (SOC) engagements, data, technology, and a new element in the Exam, personal financial planning,” said Joe Maslott, CPA, associate director–Content Management at AICPA & CIMA, together as the Association of International Certified Professional Accountants. “The Blueprint structure has not changed, but the underlying content in each Core and Discipline Exam section is different, which is why being familiar with each section Blueprint is imperative.”

Employment

Employers added 223K jobs in December, but cut 1,100 in accounting [Accounting Today]
Nonfarm payrolls increased by 223,000 in December and the unemployment rate ticked downward by two-tenths of a point to 3.5%, the U.S. Bureau of Labor Statistics reported Friday, but employment in accounting and bookkeeping services fell by 1,100 jobs.

Money Diary: A Senior External Auditor On 54k [Refinery29]
“I’m 27 years old and currently working as a senior external auditor at an accounting firm in London. I work physically in the office or at the client’s site around three times a week and I work from home for the remainder of the week. My job can be pretty stressful and there is a constant struggle maintaining a good work-life balance. I’m satisfied with my job for now, although I’m not sure how long that will last. I’m an immigrant and I moved to the UK in 2021. I initially lived with my sister outside London and moved into the city in January of this year. I currently stay in a shared house with seven other housemates, which sounds like a lot of people but it’s not so terrible.”

California Program Offers Black Students Path to Accounting [Bloomberg Tax]
Black students in California can prepare for and take the certified public accountant or certified management accountant exam for free under a pilot program that aims to help diversify the accounting profession. The program, spearheaded by six major accounting groups, also aims to entice Black professionals who already have accounting degrees or MBAs to teach accounting to the next generation of accountants.

Practice

Challenges And Opportunities For Accounting Departments In 2023 [Forbes]
In 2023, accounting departments likely will face challenges in four areas: budget uncertainty, creating sound estimates in an uncertain environment, applying new accounting and financial reporting standards to comply with U.S. GAAP, and labor market uncertainty.

Tax

CPAs rev up for a new tax season [Journal of Accountancy]
JofA highlights a few new issues that will require preparers’ attention for this tax season.

Firm M&A

Melanson Merges Into Marcum [Marcum]
Melanson, P.C. of Merrimack, New Hampshire, merged into Marcum, effective January 1. The firm’s 13 partners, 100 associates, and four offices in Maine, Massachusetts, and New Hampshire become part of Marcum’s New England region. They join Marcum’s eight established New England offices. Terms of the deal were not disclosed.

The Arnold Group has been acquired by KPMG [KPMG]
KPMG LLP announced it has acquired The Arnold Group LLC, a consultancy firm providing growth-oriented strategy development for market leaders in the technology sector for the past 20 years. This acquisition creates a unique capability of strategy, design, and implementation that enables KPMG to quickly gain critical mass and scale. The Arnold Group complements KPMG’s existing services footprint by bringing strategic capabilities in the commercial sales and revenue enhancement areas. As part of the transaction, all Arnold Group team members joined KPMG when the acquisition closed on January 1, 2023. Financial terms of the transaction were not disclosed.

Withum Acquires IPA 200 Firm [INSIDE Public Accounting]
Expanding its footprint in New England, Princeton, N.J.-based IPA 100 firm Withum (FY22 net revenue of $425.3 million) is merging in Braintree, Mass.-based IPA 200 firm O’Connor & Drew (FY21 net revenue of $22.1 million).

CLA Acquires Ohio-Based CPA Firm Gilmore Jasion Mahler [CPA Practice Advisor]
CliftonLarsonAllen (CLA) said on Tuesday that it acquired Ohio-based accounting firm Gilmore Jasion Mahler (GJM) as of Jan. 1. The deal increases CLA’s presence in Toledo to 150 people. Established in 1996, GJM was the largest locally owned public accounting firm in Northwest Ohio, with more than 100 people in Toledo and Findlay, and was recognized as a regional firm with national and international capabilities.

Other Stuff

Six years later, SEC drops claims of accounting fraud against biotech exec [Endpoints News]
The US Securities and Exchange Commission has dropped its claims against the former CEO of Osiris Therapeutics, who was accused of lying about the regenerative medicine player’s financial performance. All claims against Lode Debrabandere have been dismissed, according to a court filing from late November, capping a legal saga that goes all the way back to 2017. “The SEC’s allegations had no merit, and the complete dismissal is the only correct, fair, and just outcome,” Debrabandere wrote in an email to Endpoints News. “I am grateful that the SEC ultimately recognized it should drop the action against me.” The SEC did not explain why the claims were dropped and did not respond to requests for comment.

The post Friday Footnotes: The Metaverse’s First CPA Firm Gets Sued; CPA Exam Blueprints; Mad Mergers | 1.6.23 appeared first on Going Concern.

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FASB Took It Easy in 2022 https://www.goingconcern.com/what-fasb-did-2022/ Mon, 02 Jan 2023 22:21:14 +0000 https://www.goingconcern.com/?p=1000503147 While the PCAOB has been on a mission to scare the pants off of auditors […]

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While the PCAOB has been on a mission to scare the pants off of auditors everywhere in the past year with record fines and scary speeches, the Financial Accounting Standards Board took a much more chill approach to 2022.

A Thomson Reuters piece published last week informs us that FASB ended the year having issued a measly six accounting standard updates — a notable decrease from the five years prior — “much to the glee of the accounting profession.”

In 2021, the board issued 10 new accounting standard updates (ASUs); in 2020, 11 were issued; in 2019, 12; and in 2018, 20, according to the board’s website. The FASB’s record breaking year for the past two decades took place in 2010 with 29 new standards issued.

This year’s falloff comes during a pivotal year for the board, which over the past year had been doing outreach broadly via an agenda consultation process to set its five-year agenda for 2022 to 2026. As part of that effort, the board streamlined its technical agenda, dropped some projects and revised others.

The six ASUs are:

  • ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method [PDF];
  • ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures [PDF];
  • ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions [PDF];
  • ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations [PDF];
  • ASU No. 2022-05, Financial Services—Insurance (Topic 944): Transition for Sold Contracts [PDF];
  • ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 [PDF].

In 2022, FASB sought public comment nine times, two of those exposure drafts are reaching comment deadline this month: Proposed Accounting Standards Update—Leases (Topic 842): Common Control Arrangements and Proposed Statement of Financial Accounting Concepts No. 8—Conceptual Framework for Financial Reporting—Chapter 2: The Reporting Entity. So hurry up and get those comments in or forever hold your peace.

On its technical agenda, updated on December 21, 2022, we can see what they’re working on going forward. I’ve embedded the whole document for all two of you who really enjoy educating yourselves on FASB doings.

FASB Technical Agenda Overview by Adrienne Gonzalez on Scribd

Crypto is obviously the big (and ambitious) one. The software costs one is also pretty interesting as the current rules are extremely outdated as in several decades outdated, which might as well be several lifetimes given the life cycle of software nowadays. Per this KPMG breakdown on the issue, several Board members indicated they want to consider both software development and acquisition (e.g. through licensing) costs, not wanting vastly disparate accounting answers to result solely based on an entity’s decision to ‘build’ versus ‘buy’. So stay tuned for that.

Before I wrap this up I want to call attention to a New York Times article from August that we meant to get to earlier in the year but never did. In “Meet the accountants who may become the new power brokers of taxes,” NYT profiles the benevolent overlords of GAAP who, thanks to the Inflation Reduction Act, could wield massive power as they tackle a tweak of corporate taxes. A task that is “squishier than you might think” wrote Stephen Gandel.

So what do we know about the accounting rule makers and the leaders of the foundation that oversees them, who could all of a sudden have a big say in tax policy?

The group lacks diversity: The board is made up of four white men and three white women. A spokesman for FASB told DealBook that the organization, which was founded in 1973, had never had a board member of color.

It’s also politically connected: Kathleen Casey, the head of the board’s nominating committee, is a former S.E.C. commissioner and a former chief of staff for Senator Richard Shelby, Republican of Alabama, who has long called for lower taxes for corporations and the wealthy.

And its members are well paid: Richard Jones, a former top executive of the accounting firm Ernst & Young who left to be the chair of FASB, was paid a base salary of $1 million last year, according to a tax filing. The lowest salary among the board members was still north of $800,000.

What’s more, Mr. Jones does not appear to be fan of the minimum corporate tax. Last year, he said in a speech that he was against basing a minimum corporate tax on book income.

Mr. Jones said the group’s role was to set accounting rules that best conveyed the health of a company. Using book income to determine tax payments would inject public policy into financial accounting, he said, making it hard for his organization to do its job.

“It would be an additional pressure, there’s no doubt, on our mission and what we do,” he said.

Here’s another read on that issue.

And that’s it for FASB’s year in review. Woo.

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Friday Footnotes: EY Cancels Christmas; A Very Sucky PwC Report; Should We Tax Robots? | 12.23.22 https://www.goingconcern.com/friday-footnotes-ey-cancels-christmas-a-very-sucky-pwc-report-should-we-tax-robots-12-23-22/ Fri, 23 Dec 2022 22:00:04 +0000 https://www.goingconcern.com/?p=1000502701 Welcome to the last Footnotes of 2022! We appreciate you stopping by as always and […]

The post Friday Footnotes: EY Cancels Christmas; A Very Sucky PwC Report; Should We Tax Robots? | 12.23.22 appeared first on Going Concern.

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Welcome to the last Footnotes of 2022! We appreciate you stopping by as always and hope you get a chance to recharge over the holidays. We will be out of office next week but have scheduled some things to run while we’re gone for those individuals who are severely addicted to accounting shitposts and simply cannot go without. We’ll be checking the tipline during this time so feel free to text if anything of note happens while we’re feasting, resting, and putting in way, way too many hours on the PS5. Merry Christmas to those who celebrate!

Big 4

EY cuts costs to boost profits ahead of planned spin-off [Financial Times]
EY has begun cutting costs to boost profits next year, as it seeks to maximise the valuation of its consulting division ahead of a planned spin-off and public listing of the business. Hiring, travel for internal events, training and staff Christmas parties have been targeted as part of efforts to curb expenses at the audit and consulting firm ahead of the break-up known as “Project Everest”, people familiar with the matter told the Financial Times. “There’s a huge clampdown on expenses at the moment to make the numbers for Everest valuation look good,” said one of the people at EY’s UK operations, who said the firm’s bosses had cited “economic conditions” for the cuts.

Deloitte Receives Multiple Honors at the International Innovation Awards 2022 [PR Newswire]
Deloitte won top honors for its platform innovation with the Deloitte Omnia Platform, and top honors for its product innovation with the Omnia ESG Module. Omnia is an end-to-end, globally integrated cloud-based platform that provides professionals with cutting-edge technology and a flexible experience that promotes quality, transparency, and trust across Deloitte’s services. The Omnia ESG Module is a comprehensive and structured framework, powered by machine learning, to help Deloitte professionals provide ESG reporting readiness and assurance with quality and agility. Deloitte Audit & Assurance also achieved recognition as a leading organization committed to driving innovation and change through its approach to culture, inclusion, talent, and company mission.

UK wages next year will be at their lowest level since 2006, report says [CNN Business]
Brits hoping for a new-year salary bump to offset soaring food and energy costs may be disappointed. The average British worker’s pay in 2023 is expected to fall back to 2006 levels once inflation is taken into account, according to PwC. Real wages, which factor in inflation, are expected to fall by as much as 3% in 2022 and another 2% in 2023, PwC has predicted in a report on the UK economy shared with CNN. The report confirms that wages have stagnated in Britain even as inflation hits double digits, sparking the worst cost-of-living crisis in decades. That’s led to widespread strikes across the UK economy, encompassing railways, schools, nurses, hospitals and the postal service.

KPMG announces Stuart Bedford as new UK Head of Law [KPMG]
“We’re delighted to welcome Stuart to head up our ever-growing UK Law business. He is a highly experienced partner with a great track record of delivering for clients. I know his extensive network and expertise will be a great asset to our business and our clients as we look to build on two years of stellar growth and deliver on our ambitious investment plan,” said Nick Roome who has led KPMG’s UK law practice since 2015 and has now been promoted to take on a global focused role, concentrating on growing KPMG’s global legal solutions. The KPMG Law business has experienced a tremendous period of growth, with revenue growing by in excess of 80% in the last two financial years. It recently revealed an ambitious investment programme to double in size over the next two years by taking on a further 220 legal professionals, including 45 new Partners and Directors. This investment plan would take the number of legal professionals in the UK to over 400.

Audit

PCAOB Proposes Tighter Requirements for Audit Firms Verifying Outside Information About Clients [Wall Street Journal]
The Public Company Accounting Oversight Board proposed tightening the requirements around how audit firms obtain and verify outside evidence about their clients, such as from customers and lenders, a process aimed at preventing fraud. Under the current rule, audit firms must send out requests, typically electronically, asking a third party to confirm the accuracy of certain information, such as the amount of accounts receivable. Audit firms are allowed to assume that the lack of a response is a corroboration of accuracy. The process, known as confirmation, is part of nearly every audit. The PCAOB now wants audit firms to go a step further by confirming the amounts of cash and cash equivalents held by third parties—typically lenders. Current rules don’t require this.

UK companies brace themselves for escalating battles with auditors [Financial Times]
UK companies are gearing up for conflicts with auditors next year as economic and political uncertainty add to the difficulty of signing off accounts and forecasting financial outlooks. Auditors, who do not want to be blamed for not raising red flags ahead of business failures during the recession, also warned companies to expect uncomfortable conversations about their financial outlook. “Uncertainty is at an all-time high and, quite rightly, I think auditors are sceptical about management forecasts and whether they’ll be achievable against that backdrop,” said Andrew Walton, UK head of audit at EY. “I think you will see a lot of challenge of management.” Hemione Hudson, UK head of audit at PwC, said it was “the kind of environment in which auditing is the most difficult”, adding that companies should expect “a high level of scrutiny” in areas such as going concern, impairment of assets, ability to meet bank loan covenants and access to finance.

Crypto

EY Says It Is ‘Aware’ of ‘Unauthorized’ Quadriga Wallet Transfers [CoinDesk]
Ernst & Young said it has “become aware” that bitcoin (BTC) that’d been sitting QuadrigaCX’s cold wallets has been moved elsewhere, according to a statement Tuesday. The company, which is acting as the bankruptcy trustee for the defunct Canadian trading platform, made the announcement four days after more than 100 BTC moved out of the wallets, which the company said Quadriga did not have access to. CoinDesk reported on Monday that EY had not initiated the transactions, which EY confirmed in its Tuesday statement. “Ernst & Young Inc. acting in its capacity as court appointed Monitor and subsequently as Trustee in Bankruptcy worked with management and others to recover the bitcoin transferred to these wallets,” the statement said. “However, the private keys associated with the cold wallets have not been located despite the detailed review.”

Be ‘very wary’ of crypto proof-of-reserve audits: SEC official [Cointelegraph]
“We’re warning investors to be very wary of some of the claims that are being made by crypto companies,” said SEC’s acting chief accountant Paul Munter in a Dec. 22 interview with The Wall Street Journal. A number of crypto firms have commissioned proof-of-reserves audits since the collapse of crypto exchange FTX, aiming to quell concerns over their own exchange’s financial soundness. However, Munter said the results of these audits isn’t necessarily an indicator that the company is in a good financial position. “Investors should not place too much confidence in the mere fact a company says it’s got a proof-of-reserves from an audit firm.”

Crypto auditors are disappearing right when the industry needs them [Quartz]
At a time when the crypto industry is trying to rebuild trust, auditors who help crypto companies report their financials are backing out of the industry.

Without reliable auditors, investors who were once enthusiastic about digital currencies may stay on the sidelines.

After performing a proof-of-reserves assessment for crypto exchange Binance earlier in December, auditing firm Mazars announced it was withdrawing the assessment that its South African arm had put out, and its work with crypto firms in general. The audit was quickly criticized by regulatory experts for being insufficient and creating confusion.

For its part, Mazars said it had withdrawn the report because of “concerns regarding the way these reports are understood by the public” and the reports “do not constitute either an assurance or an audit opinion on the matter.”

When was the last time Mazars had pulled a report very publicly like this? This year, when its US arm severed ties with Donald Trump after years of working with the former president and amid the New York Attorney General’s investigation into the Trump Organization.

Michael Burry, who started Scion Asset Management and predicted the financial crisis of 2008, said in December auditors who work with crypto firms are “learning on the job.”

Tax

IRS delays Form 1099-K $600 reporting threshold [Journal of Accountancy]
The IRS on Friday announced a delay in the $600 reporting threshold for third-party settlement organizations, which had been in effect for the 2022 calendar year. As a result, the IRS says third-party settlement organizations will not have to report tax year 2022 transactions on a Form 1099-K, Payment Card and Third Party Network Transactions, to the IRS or the payee for the lower, $600 threshold amount that was enacted as part of the American Rescue Plan Act (ARPA) of 2021, P.L. 117-2.

Should we tax robots? [MIT News]
What if the U.S. placed a tax on robots? The concept has been publicly discussed by policy analysts, scholars, and Bill Gates (who favors the notion). Because robots can replace jobs, the idea goes, a stiff tax on them would give firms incentive to help retain workers, while also compensating for a dropoff in payroll taxes when robots are used. Thus far, South Korea has reduced incentives for firms to deploy robots; European Union policymakers, on the other hand, considered a robot tax but did not enact it. Now a study by MIT economists scrutinizes the existing evidence and suggests the optimal policy in this situation would indeed include a tax on robots, but only a modest one. The same applies to taxes on foreign trade that would also reduce U.S. jobs, the research finds. “Our finding suggests that taxes on either robots or imported goods should be pretty small,” says Arnaud Costinot, an MIT economist, and co-author of a published paper detailing the findings. “Although robots have an effect on income inequality … they still lead to optimal taxes that are modest.”

Trump tax controversy fuels passage of presidential audits bill [POLITICO]
Legislation that would require the IRS to audit presidents’ tax returns and make reports of the audits public passed the House largely along partisan lines on Thursday, echoing the divide over a bombshell report this week on former President Donald Trump’s tax returns. Five Republicans voted for the legislation, even though GOP leaders said it was a sham designed to politically damage Trump, who has launched another bid for the White House. Democrats on the House Ways and Means Committee released a report Tuesday that showed Trump paid little or no federal income tax while he was in office and that the IRS delayed auditing his returns despite its policy of auditing all presidents.

Trump’s lawyers called this accounting firm “negligent,” but the IRS believed it ensured his taxes were accurate [CBS News]
Bit of a long read but interesting nonetheless:
When Congress’ Joint Committee on Taxation investigated the IRS audits of Donald Trump’s taxes, an agent’s note on Trump’s 2017 filings stood out. The IRS agent wrote that Trump “hires a professional accounting firm and Counsel to prepare and file tax return,” and they “ensure” that Trump “properly reports all income and deduction items.” Joint Committee staff were befuddled by the note, according to a report on the IRS’ mandatory audit of the former president’s taxes, published Tuesday by the House Ways and Means Committee. “The staff failed to understand why the IRS believed that use of counsel and an accounting firm ensures accuracy,” the Ways and Means Committee wrote in its report.

The accounting firm, Mazars USA, is one of the country’s largest, and it worked for Trump for decades until February of this year, when it cut ties with the former president and his company. In the months since, Trump and attorneys for his company have harshly criticized the firm’s work.

It’s a common practice for IRS agents to give some deference to large accounting firms, according to forensic accountant Bruce Dubinsky. “If I’m a revenue agent and I see that he’s got Mazars or (another firm) I’m going to go, ‘Okay, look, the returns are all computerized, they’re done properly. I’ve got some level of faith that somebody in their quality control process—because all these firms have a quality control review process—has laid eyes on several layers on this, and I’m not gonna look at every number,'” said Dubinsky.

Firm Watch

Pensacola Humane Society hires accounting firm to review ‘misappropriation’ allegations [Pensacola News Journal]
Amid a cloud of controversy, the Pensacola Humane Society’s board of directors announced Monday it has hired two professional organizations to help review and mediate concerns regarding the organization’s finances and operations. A group of Humane Society staff, volunteers and fosters acting under the name We The Organization issued a public statement this month accusing the board of mismanagement, misappropriation of funds and violations of organizational bylaws. The group also called for the resignation of Gerald Adcox, the president of the facility’s board of directors. In a statement released Monday morning, the Humane Society’s board of directors announced it had hired Pensacola-based accounting firm Saltmarsh Cleaveland & Gund to “investigate and resolve financial concerns raised by We The Organization.”

Albany accounting firm joins fight against hunger [Albany Herald]
The Albany office of Mauldin & Jenkins LLC provided more than 200 meals worth of food that will support efforts to eradicate hunger in the Albany community this December. The firm donated all of the canned goods and other foods collected during a food drive for Feeding the Valley Food Bank, which serves Dougherty and nearby Georgia counties. James Langston, community service chair of M&J’s Albany office, is used to high participation rates and enthusiasm for the firm’s numerous charitable initiatives and volunteer efforts. Even so, he was a bit surprised by the level of engagement he witnessed during the food drive. “The response and efforts we received from the Albany office were amazing,” Langston said in a news release.

Change at the top of Pittsburgh accounting firm Sisterson [Pittsburgh Business Times]
Name checks out.

Other Stuff

Accounting Chief Fends Off Critics, Talks Up Rules for Investors [Bloomberg Tax]
It was the year’s biggest conference for accountants and auditors. Instead of a wonky rundown of new standards, the head Financial Accounting Standards Board stressed the board’s commitment to the end users of its rules—the investors who read corporate financial statements. Investors want more details and more transparency from companies in financial statements, and FASB wants to deliver, board Chair Richard Jones told the American Institute of CPAs signature conference in Washington earlier this month.

The post Friday Footnotes: EY Cancels Christmas; A Very Sucky PwC Report; Should We Tax Robots? | 12.23.22 appeared first on Going Concern.

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Wall Street Journal Addresses the Accountant Shortage, Suggests a Recession Could Fix It https://www.goingconcern.com/wsj-accountant-shortage-recession/ https://www.goingconcern.com/wsj-accountant-shortage-recession/#comments Tue, 20 Dec 2022 19:43:52 +0000 https://www.goingconcern.com/?p=1000502494 I made my entrée into accounting way back in 2007, at the time my job […]

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I made my entrée into accounting way back in 2007, at the time my job involved a three-hour roundtrip journey across four Bay Area counties and back and I was looking for something a bit closer to home. Shortly after starting in CPA review, I started seeing more and more “For Sale” signs on the yards of the houses my bus would pass on the way to work and not that much longer after that, Lehman Brothers failed and, well, you know what happened after that.

Why am I bringing up ancient history? Besides needing to hit minimum word count on this, I bring it up because even all these years later, I have a vague recollection of the phone calls I got in 2008 from aspiring CPAs. People from various backgrounds — many of whom were in their 30s or even 40s — who found themselves suddenly out of a job flocked to accounting because it was one of the few industries consistently hiring through the recession (the other being government). Most of them were people who took an accounting class or two in college, decided it wasn’t for them, and did something else with their life. And here they were, the bank breathing down their neck, job prospects nil, throwing away 15 years of work experience because their chosen career was no longer an option. They say accounting is recession-proof, I had an inside view during the worst recession of our lifetime and must agree.

I have no doubt then that accounting firm leaders are eagerly awaiting the next economic dip to solve their critical talent problems. If you wreck it, they will come. As bad as the economy is these days, it’s not “force people into accounting because they have no other options” bad yet.

Wall Street Journal ran a piece on the accountant shortage yesterday and from it we learn that it’s taking much longer to fill accounting positions than it did last year:

A deepening shortage of accountants is driving a growing number of companies to raise salaries or seek temporary help to strengthen their finance teams amid a slowing economy.

Many employers over the past decade have struggled to find qualified workers, a challenge accelerated by a decline in the number of job seekers amid the Covid-19 pandemic. The U.S. labor force has been shrinking since early 2020, as more baby boomers retire.

Companies’ accounting and finance departments in particular, which are crucial for managing financial operations, internal controls and financial reporting, are suffering from the lack of personnel. Fewer people are pursuing degrees in accounting and starting new jobs in this area, resulting in more open positions for related roles and searches that take longer to complete. And digitization and automation aren’t expected to fill the gap.

Look, there’s a chart!

WSJ graphic

The number of postings for U.S. accounting and audit roles totaled roughly 177,880 jobs this year through Nov. 30, up from 141,340 during the prior-year period and the highest since at least 2008, according to Revelio Labs Inc., a provider of workplace data. People started 113,400 of these positions this year through Nov. 30, down 15.9% from the prior-year period, Revelio said. Audit and accounting jobs on average require 56 days to fill, up from 46 during the prior-year period.

The article goes on to profile a Nevada winemaker struggling to find accounting talent. The salary equation is delicately danced around:

The company is offering higher salaries to candidates for certain positions and turning to temporary workers such as interns, Ms. Johnston said, but declined to provide specifics on pay. “We sweetened the pot a little bit from where the company was originally,” she said.

The problem is that the pot has been sour for too long. “The accounting industry for some reason has just not moved with the rest of the country in terms of offering competitive salaries, and this has been going on for over a decade,” Surgent VP Liz Kolar told Bloomberg Tax earlier this year. Had salaries kept up over the last decade, perhaps things wouldn’t be so dire now. Despite much hand-wringing by thought leaders over why no one wants to be an accountant, the one thing consistently repeated by accountants themselves is: salary. They don’t get paid enough. Period, end of discussion, no further conversation needed. But WSJ has minimum word counts to hit as well so we shall soldier on.

Another company profiled in the WSJ piece says it is using accelerated promotions to create the talent it needs:

GEE used to elevate staff accountants to senior accountants in one to three years and to managers in three to six years, Mr. Thorpe said. Now, those promotions take less time, with Mr. Thorpe pointing to an employee who made it to manager of financial reporting in less than two years.

I’m curious to hear the peanut gallery’s thoughts on that one.

It seems no matter what these companies do, the talent just isn’t there. Small firms are suffering, and we’ve reached the point in the shortage where small potential clients simply can’t find anyone to do the work, no matter the cost. Wait until the large firms have to start turning down work, that will be fun.

That’s OK though. A potential recession could drive more students back into the profession, said Brandi Britton, executive director for finance and accounting at Robert Half to WSJ.

In a downturn, students tend to gravitate toward degrees in accounting and finance because they are considered more stable career paths than, for example, marketing and communications.

There is this belief that a recession will fix things right up a la 2008. The realtors and office managers and bank tellers will come running to accounting, tears streaming down their faces, and accounting will open its arms wide and embrace them with a warm and loving “we’re here for you, there’s work to be done.” But what if reinforcements aren’t coming? What if simply being recession-proof isn’t enough in a post-Covid world where people across all sectors decided there’s more to life than grinding away for a bum paycheck? What if — and call me crazy if I’m out of line here — the baby boomer vacuum we’ve known was coming for decades just can’t be plugged even if we had an abundance of accountants to fill it (which we don’t, obviously)? The work has become increasingly complex since the boomers we need to replace joined the profession all those years ago, a warm body and an amenability to eating shit in your early 20s isn’t enough for the next generation of accounting talent. The profession demands an army of well-spoken, highly tech literate, out-of-the-box thinking young people eager to put these skills to work, has not sufficiently increased pay to justify these demands, and wonders why the individuals it craves are not attracted to accounting. Gee, it’s a real puzzle.

So what happens when a real, brutal recession happens and no one shows up? Is there even a Plan C or is this it? “We’ll be here waiting when you get desperate”? That’s the message we’re going with huh.

Struggling to Find Accountants, Businesses Boost Salary Offers, Hire Temporary Workers [Wall Street Journal]

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Monday Morning Accounting News Brief: Social Class and Career Progression; New GAAP Taxonomy Dropped | 12.19.22 https://www.goingconcern.com/monday-morning-accounting-news-brief-social-class-and-career-progression-new-gaap-taxonomy-dropped-12-19-22/ Mon, 19 Dec 2022 16:21:44 +0000 https://www.goingconcern.com/?p=1000501976 Quick note: there will be no news brief next Monday, we are out for the […]

The post Monday Morning Accounting News Brief: Social Class and Career Progression; New GAAP Taxonomy Dropped | 12.19.22 appeared first on Going Concern.

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Quick note: there will be no news brief next Monday, we are out for the week and will be running nothing but shitposts, repeats, and tedious top ten lists. Monday Morning Accounting News Brief will resume on January 2, 2023. Please try not to do anything newsworthy between now and then, I have the utmost faith in all of you. I will still be checking emails and the tipline, reach out if something exciting goes down. Now, the news!

A Deloitte study on trust and ethics in technology reveals that while business leaders are aggressively moving forward on implementing and using emerging technologies, with the exception of AI/cognitive technologies, nearly 90% of those surveyed lack a framework to support the implementation of ethical principles to guide its development and use. EY conducted 7,595 interviews with employees of large organizations across Asia-Pacific markets resulting in the “Asia-Pacific Belonging Barometer” which reveals only 43% of employees in Asia-Pacific feel like they belong in their workplace. PwC has recently developed an assessment framework to help clients evaluate the environmental footprint of their blockchain initiatives (insert *whoop-de-doo* sound here). “In common with several other professional service firms, we are currently evaluating our approach to this sector and the work we undertake for our clients,” a spokesman for the BDO international network said in regards to crypto work. Speaking of crypto, MarketWatch wrote up a profile on Mazars: While it falls some way behind the “Big Four” accounting firms — as Ernst & Young, PricewaterhouseCoopers, KPMG and Deloitte are known — it counts some major companies as clients; Axa, BNP Paribas, Goldman Sachs, Peugeot, and advertising firm Publicis. There was a weird article on Yahoo Finance! in which ChatGPT talks about accounting firms. For the first time in history, the PCAOB has secured complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong, on Thursday the Board voted to vacate the previous determinations to the contrary. A study recently published in the Review of Accounting Studies demonstrates that the use of artificial intelligence is significantly improving the quality and efficiency of financial statement audits, as well as displacing audit professionals. GET EXCITED! On Friday, FASB released its annual GAAP Taxonomy, which includes the 2023 GAAP Financial Reporting Taxonomy (GRT) and the 2023 SEC Reporting Taxonomy (SRT).

It is often said that accounting opens doors however new KPMG research has found that social class is the biggest barrier to career progression:

Socio-economic background has the strongest effect on an individual’s career progression, compared to any other diversity characteristic, according to ground-breaking research published by KPMG UK.

In the biggest ‘progression gap’ analysis ever published by a business, experts from the Bridge Group analysed the career paths of over 16,500 partners and employees at KPMG over a five-year period. The team examined the average time it took individuals to be promoted, looking at their gender, ethnicity, disability, sexual orientation as well as socio-economic background.

The data showed that socio-economic background, measured by parental occupation, had the strongest effect on how quickly an individual progressed through the firm. Individuals from lower socio-economic backgrounds took on average 19% longer to progress to the next grade, when compared to those from higher socio-economic backgrounds.

On FTX:

Something interesting went down in Maine:

An independent auditor called out elected officials of a tiny Maine municipality for violating the public trust by not following proper procedures for handling taxpayer money.

An accountant who performed The Forks Plantation’s annual audit for 2021 stopped short of saying its leadership was committing fraud, but described several unusual practices in a letter filed with a report to the state.

The most questionable action was the second assessor, who is also the tax collector, issuing a check to herself without board approval, and then shortly thereafter paying her back taxes that were a similar amount, according to Keel J. Hood, a certified public accountant based in Fairfield. Town officials made deposits without documenting them and recorded payments that never happened, Hood said in his report.

The above link has the full disclaimer of opinion and some more details, worth a read if you have nothing better to do this morning.

To think, you could have saved yourself five years of education and just watched this video:

The below is obviously a joke but peep the comments. What a difference between Deloitte and literally any time EY is mentioned.

As for what we’re working on this week, who knows. I have some Moss Adams drama I forgot to post and I’m hearing there may be some suspicious layoffs happening at PwC. As mentioned above, we’re taking a break from December 24 to January 2, there will be a few new things scheduled to run during that time for people who enjoy reading accounting news in the bathroom on Christmas morning so they don’t have to speak to their family members. The newsletter will be on hiatus during that time and no Footnotes on December 30. I no longer drink so don’t expect a big sappy “thank you for reading, I love you!!” post on New Year’s. I do love you though.

That’s it. Merry Christmas to those who celebrate and I hope all of you get a little much-deserved rest in the coming days. Give me a shout if anything interesting happens.

The post Monday Morning Accounting News Brief: Social Class and Career Progression; New GAAP Taxonomy Dropped | 12.19.22 appeared first on Going Concern.

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Friday Footnotes: EY Money Troubles; Fast Food > Public Accounting; From Athlete to Associate; | 12.16.22 https://www.goingconcern.com/friday-footnotes-ey-money-troubles-fast-food-public-accounting-from-athlete-to-associate-12-16-22/ Fri, 16 Dec 2022 22:00:22 +0000 https://www.goingconcern.com/?p=1000500868 Big 4 EY Looks at Backup Plans on Split Amid Higher Costs, Slower Growth [Wall […]

The post Friday Footnotes: EY Money Troubles; Fast Food > Public Accounting; From Athlete to Associate; | 12.16.22 appeared first on Going Concern.

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Big 4

EY Looks at Backup Plans on Split Amid Higher Costs, Slower Growth [Wall Street Journal]
Ernst & Young’s leaders are looking at backup plans for the firm’s split to address rising funding costs and a potential slowdown in growth that could imperil the rich payouts promised to partners, according to people familiar with the matter. Leaders of the accounting powerhouse are talking to private-equity firms as they draw up plans for the sale of EY’s consulting arm, the people familiar with the matter said. Options include using private debt, which would involve private-equity funds in an initial public offering, or delaying the effort beyond the current target at the end of 2023, the people said. The money is supposed to be raised by the consulting firm through an initial public offering and by borrowing. Higher interest rates and lower valuations on IPOs could force EY to lower partner payouts or leave the consulting firm saddled with heavier financial obligations.

PwC launches program to support elite athletes in future careers [Consultancy.com.au]
PwC’s new elite athletes’ program will provide sportspeople with flexible employment and professional development opportunities to help prepare for a life after sport. The initial pilot, designed in conjunction with the Queensland Academy of Sport, will run for twelve weeks in Brisbane with six participants, including two Paralympians, an Olympian, and three aspiring competitors. According to PwC, the program participants will all be working on current, client-facing projects while being integrated into the working team to gain corporate knowledge and experience. Meanwhile, the athletes in turn will be able to schedule work responsibilities around their training and competition, with PwC to further provide support in planning for a career after sport with a view to future full-time employment at the firm.

Deloitte govt contracts soar 67% since pandemic to $324m [InnovationAus]
The Australian government paid Deloitte more than $324 million last financial year, representing a staggering $130 million or 67 per cent increase in federal outsourcing to the company since the pandemic began. The 2021/22 payments include $14 million from an Industry department contract the Audit Office has found to have been “tailored” to company, and massive deals with the country’s cyber spy agency and Defence. These three contracts alone paid Deloitte more than $123,000 every single day last year – just under $45 million in total.

The Fed is really worried we’re going to hit a floor in inflation that’s too high, says KPMG’s Diane Swonk [CNBC]
We will continue to post Diane Swonk videos because we know Grant Thornton is still butthurt about losing her to KPMG.

CFOs Convey Cautious Outlook for 2023, as Pessimism Over Economic Conditions Prevails: Deloitte CFO Signals™ Survey 4Q 2022 [PR Newswire]
The proportion of CFOs feeling pessimistic about their companies’ financial prospects increased to 41% this quarter from 37% in 3Q22. Nearly three-quarters (74%) of CFOs expect talent/labor costs to increase substantially in the year ahead. Meanwhile, CFOs lowered their growth expectations for revenue, which decreased to 4.2% from 6.2%, and earnings, which dropped to 2.9% from 6.4%.

Audit

Quiz: Test your remote audit knowledge [Journal of Accountancy]
Remote audits are the new norm for firms for many strategic reasons. They may save time and costs, reduce travel, or boost employee retention, among other advantages. Think you have what it takes to perform a successful remote audit? Find out in this short quiz.

Bro what?

BDO Governance Lapses Detailed in Expanded Inspection Reports [Bloomberg Tax]
BDO USA LLP failed to supervise its audits properly, and its professionals weren’t skeptical enough of corporate managers, thus falling short of US audit governance standards, according to newly released details about the firm’s regulatory inspections.

Reports:

Crypto

Audits could solve crypto’s transparency problem. Why is that so hard? [Fortune Crypto]
Writes Jeff John Roberts: All this raises the question of why, if they are looking to build trust, Binance and the others didn’t hire one of the Big Four accounting firms to conduct their audits. Is it because they didn’t want the level of scrutiny those firms would provide? Or is it because the firms can’t or won’t conduct a proper crypto audit?

I put the question to Twitter and was surprised at the number of responses received. The CEO of Coinbase replied that the company uses Deloitte, while Tezos’s cofounder told me her project uses PwC—with both adding that these firms are risk averse and picky when it comes to taking on clients. Meanwhile, a senior executive at Uniswap Labs informed me the DeFi giant works with Deloitte but added that she is frustrated at how difficult it is for early-stage crypto companies to find accounting firms. The blockchain head at EY directed me to a tweet saying his team had examined the Binance report and that the numbers in it—those made available—did add up. (KPMG completes the Big Four.)

This suggests that, unlike the earlier days of crypto, the major players in the accounting profession are capable of providing their services to blockchain companies, but that they could do more to make these services widely available. It would be even better if they could come up with a common methodology of what amounts to a sufficient audit and push the profession’s oversight body, FASB, which only recently moved to recognize crypto as a distinct asset, to help in the process.

The trouble with auditing crypto firms [ICAEW Insights]
Cryptocurrency business models pose a unique set of challenges for audit and assurance, predominantly stemming from the nature of crypto assets themselves, which can be hard to verify. Proving ownership can also be tricky; custody arrangements can differ greatly and the complexity of cryptographic keys raise questions around who actually controls an asset. The price of certain crypto assets, particularly cryptocurrencies, can also be extremely volatile. Ownership may provide the holder with some benefit – eg as a medium of exchange in some transactions – but generally there is no intrinsic value to the assets, nor are they backed by more conventional financial assets or a fiat currency. The price is driven by speculation and anticipation akin to tulip bulbs in 17th century Amsterdam. This makes auditing the assets’ value very difficult.

ICYMI: Mazars and Armanino Just Abruptly Stopped Working For Crypto Clients [GC]

On the subject of crypto, Accountingfly is looking for a senior associate to fill this remote blockchain/digital assets job. Is it you?

Salaries, Talent, and Exit Opportunities

When Flipping Burgers Beats Being an Accountant, You Know There’s a Problem [CPA Practice Advisor]
Writes Garrett Wagner: Imagine a world where a CPA enjoyed his time working at a fast food restaurant more than he enjoys working at his current large regional accounting firm. That’s exactly the story that was shared with me this Fall as I led a leadership training program, and this comment stopped the entire training program right in its tracks, and for good reason. I think we can all agree that something just doesn’t seem right about having a better work experience at a fast food joint than an esteemed accounting firm, but sadly this story is far too common. His experience illuminates an issue pervading our entire profession; accounting firms are suffering from poor workplace culture and show no signs of making any changes.

ICYMI: I am a recruiter with a focus on remote and hybrid work AMA [r/accounting]

Does it pay to be an accountant? The numbers don’t lie! [Accountants Daily]
Say cap: Overall, accountants enjoy a higher salary than the average Australian. However, this gap has been decreasing. In 2006, the average full-time weekly earnings for accountants were 35 per cent higher than the comparable figure for all workers. By 2021, this gap had reduced to 17 per cent. While this figure is still large, it shows that many other professions are catching up to the historically prestigious wages of accountants.

Related:

A couple in their 20s quit their ‘Big 4’ accounting jobs and now earn up to $19,000 a month creating online content. They explain how they turned a side hustle into a lucrative business that is helping them achieve financial freedom. [Insider]
Big 4 to YouTubeSteph Gordon, 26, and Den Mathu, 27, had a set plan to achieve financial independence: They both landed jobs at “Big 4” accounting firms in their early 20s, had been gradually climbing the ladder, and were methodically increasing their savings rates with each raise. Gordon was working in HR at PricewaterhouseCoopers, while Mathu was a consultant at Deloitte. Their plan changed course in the fall of 2021, when they quit their day jobs to turn their side project — making YouTube videos about navigating their careers and finances — into a full-fledged business. While they still wanted to build a seven-figure net worth, they realized they might be able to do so quicker by working for themselves rather than for somebody else — and, so far, they’ve been right.

Podcasts

The CPA’s guide to technology (and tech gifts) [Journal of Accountancy podcast]

The post Friday Footnotes: EY Money Troubles; Fast Food > Public Accounting; From Athlete to Associate; | 12.16.22 appeared first on Going Concern.

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Big Clients Bitch to Big 4 Firms About Audit Fees, Get Pissy About Partner Pay https://www.goingconcern.com/big-clients-bitch-to-big-4-firms-about-audit-fees-get-pissy-about-partner-pay/ https://www.goingconcern.com/big-clients-bitch-to-big-4-firms-about-audit-fees-get-pissy-about-partner-pay/#comments Fri, 16 Dec 2022 19:14:43 +0000 https://www.goingconcern.com/?p=1000500864 Across the pond, audit fees are up (22% in four years) and apparently the companies […]

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Across the pond, audit fees are up (22% in four years) and apparently the companies paying these fees are unhappy about it. Financial Times has seen a letter written from CFOs at FTSE 100 companies in the UK to their Big 4 auditors that says “[it is] difficult for us to sit quietly as Big Four audit firms are announcing very significant pay rises,” among other gripes.

Mind, the pay raises they’re complaining about are partner pay (reminder, in the UK they use “rise” not “raise”). Five months ago, it was announced PwC partners in the UK would take home more than £1 million pounds ($1.2 million) each, an all-time high. Same for Deloitte, their UK partners were to receive an average of £1.1 million for the fiscal year. All while firms are charging more than ever for assurance services. Per Audit Analytics, these FTSE 100 companies paid their auditors more than £1 billion in 2021. So that’s why they are pissed.

FT:

In the letter to the accounting firms seen by the Financial Times, the finance heads said: “At this time of increasing cost pressure on big business we should not be expected to pick up the escalating costs within service company supply chains through further price increases.”

Ballooning costs meant companies “continue to struggle with our own profitability” and were having to be more efficient rather than passing costs on to customers, the CFOs said in the letter sent last month.

It was therefore “difficult for us to sit quietly as Big Four audit firms are announcing very significant pay rises”, they added.

The letter drew a blunt response from audit partners at the Big Four, one of whom said: “[The CFOs] do not commission our work and they are not the ones who we are reporting to.”

Suck it, CFOs.

A partner FT spoke to said the CFOs have a valid point. FT added:

The firms’ UK arms had “done a good job of driving audit fees up” in recent years “under the auspices of quality improvement”, but the increases had been bigger than in other countries, the partner said.

👀

Interestingly, or perhaps obviously, this criticism is similar to what we hear from staff toward the bottom of the ladder. Revenues are breaking records, partners are making more than ever, clients are paying more for the same services, and yet salaries have stagnated. Maybe next year firms shouldn’t be so transparent about partner pay?

FTSE 100 CFOs tell Big Four to cut costs after audit price jump [FT]

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Friday Footnotes: A (Fake) Day in the Life at Deloitte; DYNAMIC Merger For Grant Thornton; CPA Awareness | 12.9.22 https://www.goingconcern.com/friday-footnotes-12-9-22/ Fri, 09 Dec 2022 22:00:48 +0000 https://www.goingconcern.com/?p=1000491650 News Trump Organization found guilty on all counts of criminal tax fraud [CNN] A Manhattan […]

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News

Trump Organization found guilty on all counts of criminal tax fraud [CNN]
A Manhattan jury has found two Trump Organization companies guilty on multiple charges of criminal tax fraud and falsifying business records connected to a 15-year scheme to defraud tax authorities by failing to report and pay taxes on compensation for top executives.

Crypto

FTX hires forensics team to find customers’ missing billions: Report [Cointelegraph]
The new management for bankrupt crypto exchange FTX has reportedly hired a team of financial forensic investigators to track down the billions of dollars worth of missing customer crypto. Financial advisory company AlixPartners was chosen for the task and is led by former Securities and Exchange Commission (SEC) chief accountant Matt Jacques, according to a Dec. 7 report from the Wall Street Journal. It is understood that the forensics firm will be tasked with conducting “asset-tracing” to identify and recover the missing digital assets and will complement the restructuring work being undertaken by FTX.

Blockchain Entrepreneur Arrested in California on Fraud Charges [Coindesk]
The Justice Department has accused Rikesh Thapa of defrauding his startup tech firm of more than $1 million in U.S. currency, cryptocurrency and utility tokens, according to a press release on Wednesday. According to the indictment, in 2018, Thapa agreed to receive and hold $1 million of his company’s money in his personal bank account while the firm explored other banking options. Thapa soon began using the funds on personal expenses such as nightclubs, travel and clothing, despite reassuring the company that he was only holding the money “for safekeeping.” Thapa even falsified bank statements to conceal his theft, and in 2019, he refused to return the $1 million, according to the indictment.

Big 4

Deloitte moving Omaha office to Capitol District [Omaha World-Herald]
Dan Kinsella, the managing partner of Deloitte’s Omaha office, said that as a longtime member of the community, “we’re excited to commit to the Capitol District and be at the center of Omaha’s ongoing revitalization of the urban core.” Deloitte will join more than 20 restaurants, bars and businesses already open in the Capitol District, which is bounded by 10th Street, 12th Street, Dodge Street and Interstate 480.

Reusing Existing Elements to Create a Flexible Space: EY Melbourne [ArchDaily]
A look at EY’s Melbourne office from a design perspective. With pictures!
With transitions from large scale rooms to smaller intimate spaces, the project captures different types of work environments, which, in words of the jury, “showcases an understanding of the evolving workplace and an intention to prioritize human connection.” Complementing its flexible strategy, the design also incorporates curtains –which open or divide spaces– to enable a diversity of uses, activities and scenarios, hence creating a dynamic experience for the user. Balancing live and digital experiences, the workplace blends interaction spaces with technology, audiovisual, enhanced digital activities and modularity of components. When using the space, users have complete flexibility to reconfigure all the furniture in order to fulfill their unique preferences and requirements.

I think we’ll have a shallow recession, says KPMG chief economist Diane Swonk [CNBC]

Firm Watch

Grant Thornton merges two Orlando offices as firm continues to grow in Florida [Grant Thornton]
A DYNAMIC office change for Grant Thornton’s CHOSEN MARKETS in Florida.
Grant Thornton LLP will merge its two locations in Orlando, Florida. The merger will become effective January 1, 2023, as teammates in the firm’s downtown office on Orange Avenue join their colleagues at the office the firm opened in Orlando’s Lee Vista office park in 2021. According to Dawn Olivardia, Grant Thornton LLP’s office managing partner in Orlando, the merger will help the firm focus its growth in an office designed for the future of work. “As Grant Thornton continues to embrace a flexible approach to the future of work, our Orlando space provides the amenities our people need to focus and collaborate in an office setting,” said Olivardia, who is also the firm’s Florida Tax partner in-charge. “We’re hiring many new colleagues for our Orlando practice, and this singular location will complement our ongoing investment in this city, the state of Florida, and the clients we are proud to serve.”

BDO Ireland creates 100 jobs as it moves to new office in Dublin [RTÉ]
Accounting, tax audit, and business advisory firm BDO is investing €5m in a new office as it creates 100 new jobs. This marks the biggest investment BDO in Ireland has made in the last 20 years. The 100 new jobs in Dublin will be across all service lines – audit, tax, advisory, consulting, business services and recruitment. BDO currently employs 500 people in Ireland.

Investigations, scandals suggest Florida should think twice — at least — before paying company $1.5M [Florida Politics]
As we enter the season of giving, it seems that employees of a Mississippi-based accounting firm with a lucrative Florida contract have allegedly been caught gifting themselves funds intended to help citizens in need. The firm, Horne LLP, is currently facing possible investigation following reports that some employees intentionally mismanaged the administration of a federal $147 million relief fund for Louisiana homeowners, receiving money themselves from the very grant program they were contracted to administer for individuals in actual need.

Baker Tilly Shops for US Law Firm as Big Four Expand Services [Bloomberg Tax]
The Baker Tilly CEO sure seems to be doing a lot of interviews lately. Something’s up 🤔
Baker Tilly is seeking to partner with a law firm in the US as the global accounting firm aims to expand the range of services it can offer clients. “The legal network for Baker Tilly will be in the US in the near future,” the firm’s chief executive officer, Alan Whitman, said in an interview. The move would boost competition for US law firms, who are already seeing non-lawyer-owned legal operations gaining footholds in states such as Arizona and Utah that are testing new service-delivery models.

remote accounting jobs meme

Do you have a wandering eye? Check out these remote accounting jobs at Accountingfly. Never going into the office sounds pretty great.

Audit

Audit reform should not dance to the Big Four’s tune [Financial Times Opinion]
Britain’s biggest companies and their auditors are playing a £10bn game of musical chairs. When the music stops we will have learnt something about how seriously we should take the Big Four accountants’ opposition to audit market reforms. Mandatory auditor rotation was introduced by the EU in 2016, aimed at eliminating supposed cosiness between companies and auditors. Lloyds Banking Group, Barclays and BP were among the businesses whose auditors had served for more than a century. Much of the accounting profession, led by the Big Four — Deloitte, EY, KPMG and PwC — opposed mandatory rotation. The accountants argued a compulsory merry-go-round was unnecessary and would hurt audit quality. Forced rotation would limit companies’ discretion to pick “the most capable auditor” and impose “additional financial and administrative burdens on companies”, Deloitte said in 2012. Companies “would need to continually educate new auditors on their businesses and risks”, it added. Early evidence suggests the accountants’ objections were wide of the mark.

Auditor Independence is Currently Not on SEC Rulemaking Agenda, Senior Officials Says [Thomson Reuters]
During a speech in July, Securities and Exchange Commission Chair Gary Gensler said that the commission and the PCAOB should holistically review auditor independence rules and consider whether updates are needed because, among other issues, the board’s audit inspection continues to find problems related to independence. But at least for now, it is unclear what will come of it. In September, SEC Acting Chief Accountant Paul Munter told Thomson Reuters that his office—the Office of the Chief Accountant (OCA)—is looking at independence rules and is also engaged with the PCAOB, which the commission oversees. Two and a half months later, Munter’s deputy at a conference seemed to indicate that a specific rulemaking project at this juncture may not be on the table. “It’s not currently on the actual rulemaking agenda; so, you would have to think about the priority of where that is. But the chair did direct both the SEC and the PCAOB,” said Diana Stoltzfus, a deputy chief accountant in OCA said at the 17th Annual Audit Conference hosted by the Baruch College Zicklin School of Business in New York on Nov. 29, 2022.

FRC introduce new measures to support smaller audit firms and ‘improve competition’ [AccountancyAge]
The Financial Reporting Council (FRC) has revealed plans to launch a new initiative – ‘Audit Firm Scalebox’ – aimed at assisting smaller audit firms in growing their share of the market. The new supervision measures will aid smaller firms auditing listed and other public interest entities (PIEs) by helping them to develop robust quality control systems. “To improve competition and choice in the market it is vital that the smaller firms have the capability and capacity to ‘scale up’ without compromising audit quality,” said Sarah Rapson, FRC executive director of supervision.

‘Data Nerd’ Regulator Preps for Digital Auditing Future (Podcast) [Bloomberg Tax]
Christina Ho, a member of the Public Company Accounting Oversight Board, has called technology the “audit quality challenge of the 21st century.” She’s leading a working group of technologists, data scientists, and more traditional finance leaders to help the regulator plan for the future of digital auditing—setting the stage for guidelines that could boost audit quality—and facilitate an even playing field for large and small firms.

Some Other Stuff

WCU announces FORVIS as new name for its accountancy programs [Western Carolina University]
Western Carolina University leaders gathered with representatives of the nation’s eighth largest accounting firm Friday, Dec. 2, to mark a subtle but meaningful change in the College of Business as its accountancy programs now have a new name. Previously christened the Dixon Hughes Goodman Accountancy Programs in recognition of $1 million in gifts and pledges in 2015 from more than 50 WCU alumni employed by the firm, the programs are now called the FORVIS Accountancy Programs. The name change comes in the wake of the recent merger of the limited liability partnerships known as Dixon Hughes Goodman and BKD to create a new firm called FORVIS. The new moniker stands for “forward vision,” said Michael Crawford, a 1987 WCU graduate who serves as FORVIS chief performance officer.

CPAs reaching out to students to address shortage in profession [C&G News]
The Michigan Association of CPAs is calling all potential young accountants, CFOs and financial advisors. The organization, commonly known as MICPA, is working to raise awareness of accounting career opportunities among high school students by sending its members into numerous Michigan schools to educate and share their personal journeys within the profession. “What the MICPA is doing is to raise awareness of what the certified public accountant profession is. When we go into schools, students often don’t even know what a CPA is. We want to make them aware of the possibilities,” explained Matthew Kidd, one of the MICPA members working in the schools. “Either MICPA develops relationships with the high school educators and they arrange for the speakers to come in, or the CPAs directly speak with local high schools and they arrange for a speaker to come in. … It’s generally the CPA going classroom to classroom, focusing on business or accounting classes.”

The Baby Boomer’s Guide to CPA Firm M&A Happiness [CPA Practice Advisor]
Boomer firm owners might start having succession issues due to a saturated market.
Succession is a front-and-center issue for “baby boomer” CPA firm owners looking toward retirement. For many, however, internal succession is not an option. So, they look to M&A with another firm to secure an exit. The harsh reality in today’s M&A market? Too many other baby boomer firm owners are crowding the market! And they’re hungry to sell. The supply of practices owned by older firm owners is large and the demand for them is shrinking. Valuations for firms are under pressure and boomers have many reasons for gloom.

One last thing! If you like headlines, you’re gonna love our newsletter.

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PwC Declares a Poaching War on EY https://www.goingconcern.com/pwc-poaching-ey-partners/ Tue, 06 Dec 2022 13:00:06 +0000 https://www.goingconcern.com/?p=1000486384 As EY continues to hammer out the details of the audit and consulting split, PwC […]

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As EY continues to hammer out the details of the audit and consulting split, PwC has set its sights on adding EY partners to The New Equation. Lots of EY partners.

In October, PwC Global Chairman and 2012 Going Concern Hottest Accounting Firm Leader winner Bob Moritz told the Financial Times in no uncertain terms that his firm would be stealing as many senior managers as they can get from EY, an extra disrespectful move given the critical talent shortage at that level.

In case EY leadership didn’t read that article in October, PwC is talking to the Financial Times once again and putting EY on notice:

The PwC partners have been urged to help win over executives from rivals, with a particular focus on EY, which is in the middle of a tumultuous decision over whether to split the firm. PwC’s US leadership has told them it wants to attract EY partners with expertise in tax, cloud services, financial crime and environmental, social and governance advice among other areas, one of the people said.

Although PwC has not set a target for the number of people it wants to poach, it has said internally that there is “capacity” to bring in 500 people at partner level in the US in the next 18 months, the people said. Partners brought in from outside, rather than promoted internally, are known as “direct admit” partners.

An EY spokesperson — likely the same one who told FT “they should be worried about us poaching from them” back in October — called bullshit.

“We are hiring more than ever and we are also targeting direct admit partners from other firms,” including from PwC, an EY spokesperson said, adding that 20 US partners had come from PwC in the past 18 months. “Our partners are excited about being leaders of the profession and leaders of their sector, and we are seeing no attrition, period.” [X]

Hilariously, a partner who spoke to FT suggested that if PwC can’t poach, they are happy just to troll EY with the threat of poaching:

One partner said the effort to poach staff from EY extended beyond the US to areas including Germany, France and the Middle East, and even if it failed, it could force EY to pay more to retain the partners that were approached.

“All’s fair in love and war,” the person said. “There’s a concerted effort by us to unseat EY partners, and if we don’t unseat them then at least we disrupt them and push up their cost base.”

Although it hasn’t gone to vote yet, EY Israel has already rejected the very idea of a split, Managing Partner Doron Sharabany told FT that from their point of view “the split will not create benefits.” We haven’t heard much dissent from current partners other than that, though 150 former partners did write a three-page, strongly-worded letter to the firm’s board warning that a split would undermine audit quality and weaken both sides of the business. “The bifurcation could result in neither practice having the size, scale and competence to be truly viable in the marketplace,” it said.

This beef is heating up. Who will win?
PwC targets rival EY in bid to expand partnership [Financial Times]

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Friday Footnotes: Why People Leave Public Accounting; Audit Workloads Up; Terrorist Clients (Literally) | 12.2.22 https://www.goingconcern.com/friday-footnotes-why-people-leave-public-accounting-audit-workloads-up-terrorist-clients-literally-12-2-22/ Fri, 02 Dec 2022 22:00:38 +0000 https://www.goingconcern.com/?p=1000481018 Slow news week this week. We managed to find some things worth mentioning anyway as […]

The post Friday Footnotes: Why People Leave Public Accounting; Audit Workloads Up; Terrorist Clients (Literally) | 12.2.22 appeared first on Going Concern.

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Slow news week this week. We managed to find some things worth mentioning anyway as we are experts in slow news weeks (698 weeks and counting!), enjoy.

Talent

Why People Leave Public Accounting [CPA Journal]
Writes Edward Mendlowitz, CPA/PFS, ABV: There are many reasons why CPAs decide to leave public accounting firms. Based on my experience, I believe some of these reasons are personal and individual, but far too many of these reasons are caused by CPA firms’ leadership and can be avoided or mitigated. The following is a discussion of what I have found to be the most common reasons why people leave public accounting.

Audit

Audit committee disclosures increase, right along with workload [Journal of Accountancy]
The role played by public company audit committees in cybersecurity risk oversight continues to increase, while some audit committees are beginning to take on ESG oversight, according to the 2022 Audit Committee Transparency Barometer report issued Wednesday by the Center for Audit Quality (CAQ). For the first time in the history of the annual report, more than half (54%) of S&P 500 companies disclosed that their audit committees are responsible for cybersecurity risk oversight. When the datapoint was first added in 2016, just 11% of the S&P 500 disclosed the same.

The Pentagon Can’t Count: It’s Time to Reinvent the Audit [War on the Rocks]
The same thing year after year, you say? With defense spending on auditing approaching a billion dollars a year, it was clear it would take a decade or more to catch up to the audit standards of private companies. But no single company or even entire industry was spending this much money on auditing. And remarkably, the Defense Department seemed intent on doing the same thing year after year, spending more resources to get incrementally better. It dawned on me that if we tried to look over the horizon, the department could audit faster, cheaper, and more effectively by inventing future tools and techniques rather than repeating the past.

Crypto

Crypto Exchange Binance Appoints Accounting Firm Mazars to Verify Reserves [Wall Street Journal]
Binance, the world’s biggest cryptocurrency exchange, said it has appointed the accounting firm that worked for former President Donald Trump’s company to help assure investors its tokens are covered by reserves. Binance is using Mazars to independently verify its reserves, a spokesman for the exchange said.

Crypto Exchanges’ A La Carte Approach To Audits A Recipe For Disaster [Forbes]
Forbes identified the world’s 50 largest exchanges late in August, only weeks before the FTX crisis unfolded, and half of them agreed to share data about their audit practices. Of the participants, 16 revealed their books were audited, and of those, half went with the Big Four accounting firms–Deloitte, PwC, Ernst & Young and KPMG–and one firm, Binance, has since reportedly disclosed to the Wall Street Journal that Paris-based Mazars is auditing its reserves. Along with being the biggest, the Big Four are arguably the best, at least according to Accounting Today’s 2021 rankings of U.S. audit and accounting firms, which measure the firms’ revenue to determine the standings. Depending on where they are based, cryptocurrency exchanges do not have to submit to audits. If they do, their financial statements can remain private or be shared only with regulators. This is in stark contrast to issuers of publicly traded securities in major developed markets whose accounts must be regularly audited and made public.

Probably the Only Time K-Drama Will Be Mentioned on This Website

Kim Myung Soo And Choi Jin Hyuk In Talks For Upcoming Drama About Accountants [Soompi]
And in Korean drama news: As the title suggests, “Accounting Firm” tells the various stories that unfold within an accounting firm. Kim Myung Soo has reportedly been offered the role of Jang Ho Woo, the first and only high school graduate accountant to join Tail Accounting Firm, with the drama highlighting Jang Ho Woo’s growth as an accountant. Choi Jin Hyuk has reportedly been offered the role of a senior manager at the firm who has been working as an accountant for 12 years.

Rules

FASB takes step toward clarifying lease accounting [CFO Dive]
The Financial Accounting Standards Board (FASB) is moving to take another crack at a relatively narrow piece of its existing lease accounting guidance — issuing a proposed update to standards this week and seeking comments from stakeholders by Jan. 16.

Tax

Florida state tax website bug exposed filers’ data [TechCrunch]
A security flaw on the Florida Department of Revenue website exposed at least hundreds of taxpayers’ Social Security numbers and bank account numbers, a security researcher found. Kamran Mohsin said the security flaw — now fixed — allowed him, or anyone else who was logged in to the state’s business tax registration website, to access, modify and delete the personal data of business owners whose information is on file with the state’s tax authority by modifying the part of the web address that contains the taxpayers’ application number.

Report Suggests Tax Audits of Trump Foes Were Random, but Leaves Questions [New York Times]
The Internal Revenue Service’s inspector general said in a report on Thursday that highly invasive audits of two of former President Donald J. Trump’s chief enemies — the former F.B.I. director James B. Comey and his deputy, Andrew G. McCabe — happened after their tax returns were randomly selected for inclusion in the initial pools from which the agency drew to carry out the examinations.

Law, Order, and Something Else

Former CEO Of Iconix Brand Group Convicted At Trial Of Accounting Fraud [Department of Justice]
Damian Williams, the United States Attorney for the Southern District of New York, announced earlier today that a federal jury found NEIL COLE, the former Chief Executive Officer of Iconix Brand Group, Inc. (“Iconix”), guilty of participating in a scheme to fraudulently inflate Iconix’s revenue and earnings per share, making false filings with the U.S. Securities and Exchange Commission (“SEC”), and misleading the conduct of audits. The defendant was found guilty following a four-week retrial before U.S. District Judge Edgardo Ramos. Sentencing has not yet been scheduled.

U.S. hits Hezbollah accountants in Lebanon with terrorism sanctions [PBS NewsHour]
The Biden administration on Thursday slapped terrorism sanctions on two accountants and two companies in Lebanon for providing the militant group Hezbollah with financial services. The penalties target Adel Mohamad Mansour, executive director of Hezbollah’s al-Qard Al-Hassan group, which has been previously sanctioned by the U.S., as well as another company he is involved with, al-Khobara for Accounting, Auditing, and Studies.

Las Vegas Tax Preparer Sentenced to Prison for Multiple Fraud Schemes [Department of Justice]
This one is a doozy:

A Nevada man was sentenced Nov. 30 to 13 years and three months in prison for filing false tax returns, aggravated identity theft, wire fraud, money laundering and impersonating an FBI agent.

According to court documents and statements made in court, King Isaac Umoren, 41, owned and operated Universal Tax Services (UTS), a tax preparation business based in Las Vegas. Umoren used that business to engage in two separate fraud schemes.

First, from 2012 through 2016, Umoren prepared and filed with the IRS tax returns for clients that included false deductions and fictitious businesses in an effort to generate larger refunds than the clients were entitled to receive. At times, Umoren used the names and the IRS Preparer Tax Identification Numbers (PTINs) of other UTS employees without their knowledge or consent, making it seem as if they, not he, had prepared the false returns. Umoren also required his clients to use a refund anticipation check program, which he then utilized to secretly take fees out of the clients’ tax refunds without their knowledge. On Feb. 7, 2016, Umoren posed as an FBI agent, wearing a fake badge and tactical gear, and drove to a client’s house with police lights attached to his vehicle to demand payment of a tax preparation fee.

Second, in May 2016, Umoren attempted to sell UTS. To induce potential buyers to purchase the company at an inflated price, he provided fraudulent documents – including forged bank statements, fabricated return preparation fee reports, false personal tax returns and other tax forms that had never actually been filed with the IRS – as well as the stolen tax and personal identifying information of approximately 12,000 taxpayers who were not UTS clients. Eventually, Umoren succeeded in inducing a victim to purchase UTS for approximately $3.8 million. He used the sale proceeds to purchase land in Henderson and an automobile.

The post Friday Footnotes: Why People Leave Public Accounting; Audit Workloads Up; Terrorist Clients (Literally) | 12.2.22 appeared first on Going Concern.

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BDO UK Spreads the Load https://www.goingconcern.com/bdo-uk-hiring-drive-profits/ Thu, 01 Dec 2022 16:16:16 +0000 https://www.goingconcern.com/?p=1000478718 FT had an interesting story yesterday about a situation across the pond: average BDO UK […]

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FT had an interesting story yesterday about a situation across the pond: average BDO UK partner pay fell 15 percent to £647,000 (USD$794k) because a hiring spree took a bite out of profits. Last year, BDO UK partners walked away with more than even EY and KPMG partners. They aren’t worried about it though, the plan is to make sure they have enough people on payroll before the economy really takes a dump. “This is part of our longer term strategy to say, ‘let’s carry on investing in these people and do all we can to retain them’ so that when we do come to the other side of this recession, we’ve got enough people to help us start growing more profitably,” said Paul Eagland, managing partner. He told FT the hiring drive was inspired in part by employee feedback they received on work-life balance (or rather lack thereof).

Recent recruiting efforts added about 1,000 people to the firm headcount.

BDO said the average number of hours billed to clients by its auditors and advisers fell 7 per cent to about 1,250 a year. The firm spent £70mn on recruitment, technology and promoting more than one-third of its staff.

As a result, profits fell to £187mn in the 12 months to July 1, down from £203mn a year earlier, despite an 11 per cent increase in revenues driven by strong demand for advice in areas such as corporate transactions.

“We’ve spread the load over more people,” said Eagland. “People are . . . having to spend less time at work than they did the year before.”

With grumblings of hiring freezes and delayed start dates making their way through the professional services rumor mill, it’s probably a good idea BDO got a jump on things.

BDO partners take pay cut as recruitment drive hits profits [Financial Times]

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Friday Footnotes: How EY Fights Poaching; Lack of Staff Is Closing Doors; Accounting to Biglaw? | 11.25.22 https://www.goingconcern.com/friday-footnotes-how-ey-fights-poaching-lack-of-staff-is-closing-doors-accounting-to-biglaw-11-25-22/ Fri, 25 Nov 2022 22:00:50 +0000 https://www.goingconcern.com/?p=1000470435 Big 4 FRC to fine Deloitte £440k over 2018 audit [Accountancy Today] The Financial Reporting […]

The post Friday Footnotes: How EY Fights Poaching; Lack of Staff Is Closing Doors; Accounting to Biglaw? | 11.25.22 appeared first on Going Concern.

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Big 4

FRC to fine Deloitte £440k over 2018 audit [Accountancy Today]
The Financial Reporting Council’s Audit Quality team has issued a notice of a proposed sanction on Deloitte, proposing a regulatory penalty of £440k after it was determined that the Big Four firm failed to comply with the auditing framework in its audit of a listed company’s 2018 financial statements. According to the FRC, it found serious failings in the reviewed audit, which demonstrated a “significant departure from the standards expected of a registered auditor”.

KPMG Australia appoints first-ever head of metaverse future [Accounting Today]
KPMG has appointed software engineer and tech entrepreneur Alyse Sue as its new head of metaverse future, with the goal of creating a multimillion-dollar business based on metaverse technology and cryptocurrency over the next two years. Sue rejoined the Big Four firm after working as a senior consultant on the KPMG Innovate team between 2012 and 2015 before focusing on her own startup projects.

WATCH: EY global head of assurance talent on the firm’s impending split [AccountancyAge]
EY’s global head of assurance talent Dilek Cilingir on how the firm prevents poaching (timestamped):

Rising star PwC partner Shao Hong implicated in $3.3 million fraud [Consultancy.com.au]
A prominent partner of PwC in Australia has been accused of participating in a $3.3 million fraud perpetrated by her husband, according to a report from news publication the Australian. Shao Hong, noted as PwC’s first Chinese-born audit partner on her ascension to the top ranks in 2018, is alleged to have joined or willfully ignored her husband Di Wu’s activities in setting up an elaborate system of fake and altered invoices to defraud his employer.

Audit

Audit reform causing work to ‘cascade down’ through the market [AccountancyAge]
UK audit reform is inadvertently creating opportunities for challenger firms to pick up clients from the Big Four, according to James Hadfield, head of Menzies audit service. Changes are being introduced to better allow mid-tier firms to compete for Public Interest Entities (PIE) audits, and Hadfield believes these are already having another indirect impact. The accounting veteran adds that a wider lack of staff is causing some to “close their doors to new business,” thus narrowing clients’ options and raising audit fees.

FRC sets out good practice for audit scepticism [Accountancy Today]
The Financial Reporting Council (FRC) has published a new report setting out examples of good practice to improve auditor scepticism and challenge. According to the FRC high-quality auditing is about having the “right mindset and behaviours” as well as having “technical skills and expertise”. It said that a critical attribute of an auditor’s mindset and behaviour is “exercising professional scepticism and challenge” when performing audits. FRC considers four key elements of a good environment for scepticism and challenge: the learning environment, culture and operating model of the audit firm, as well as the interactions that the audit firm has with parties in the wider ecosystem.

Tax

Shakira Claims She’s Victim of Smear Campaign in Spain Tax Fraud Case [TMZ]
The singer filed legal docs Friday in Spain, answering allegations she failed to pay more than $14 million in taxes for income earned from 2012 through 2014. Shakira says during that period, she was NOT a resident of Spain. According to the laws of the country, she’s required to pay taxes if she spends 183 days or more there in a single year.

Republicans Preview Their Efforts to Block Forthcoming IRS Funding [Government Executive]
Republicans have threatened to upend the infusion of cash allocated to the Internal Revenue Service by the Inflation Reduction Act since virtually the moment President Biden signed it into law.

TIGTA: Taxpayers would benefit if IRS used digital communications tools appropriately [Journal of Accountancy]
TIGTA issued the audit report of the Taxpayer Digital Communication (TDC) program — titled More Should Be Done to Increase Use and Availability of the IRS’s Taxpayer Digital Communication Tools — earlier this month. “Without commitment by IRS leadership to significantly expand the TDC program into IRS functions and operations that work directly with taxpayers, the IRS may be unable to meet the stated rights, goals, and objectives of the Taxpayer Bill of Rights, the IRS Strategic Plan, and the Taxpayer Experience Strategy,” said the audit report from Heather M. Hill, deputy inspector general for audit.

If the idea of slogging through yet another busy season fills you with dread both existential and tangible, you might be interested in this remote Tax Manager position that promises 40-hour weeks year-round.

M&A

Two Albany accounting firms to combine forces [Times Union]
Two leading Albany-based accounting firms, BST & Co. CPAs, LLP and O’Connor & O’Connor CPAs, announced this week they will be combining forces in a new merger. The partnership, which will add four accountants to BST’s team of more than 100 employees, will mark the second merger for BST in less than two years. (Last year, BST merged its wealth management division with The Affinity Group to create Affinity BST Advisors.) Ron Guzior, BST & Co. managing partner, said the 75-year-old accounting and management consulting firm is looking forward to partnering with O’Connor & O’Connor, which has been offering accounting and business advisory services to Capital Region clients for more than half a century.

Law & Order

‘First’ Accounting Firm in Metaverse Sucked Into FTX Meltdown [Bloomberg Tax]
An accounting firm that touts itself as the first to open its headquarters in the metaverse was accused in a lawsuit of turning a blind eye to a pattern of racketeering at FTX, the cryptocurrency exchange that collapsed causing billions of dollars in losses. Prager Metis CPAs LLC, an auditor for FTX, was sued by an investor who claims to have lost almost $20,000. Stephen Pierce also sued Armanino LLP, an auditor for FTX US, FTX’s co-founder Sam Bankman-Fried and others — accusing all of them of a racketeering conspiracy.

Trump reported losing nearly $1B over 2 years on tax returns: accountant testifies [New York Post]
Former President Donald Trump reported losses on his tax returns each year for a decade – including close to $1 billion in a two-year span alone, his onetime accountant testified at trial this week. Donald Bender, a partner at accounting firm Mazars USA, took the stand in Manhattan Supreme Court Tuesday as part of the criminal tax fraud case against the Trump Organization. From 2009 to 2018, Bender said he filed 76-year-old Trump’s taxes and “There are losses for all these years.” Bender – who was called as the first defense witness and was given immunity for testifying before a grand jury – admitted upon questioning from prosecutors that in 2009 and 2010 alone Trump reported losing close to $1 billion.

Bermuda theft: Accountant faces losing pension for £1.7m theft [BBC]
Jeffrey Bevan made more than 50 fake payments to himself after moving with his family to work as a payment manager for Bermuda’s accountant general. The 55-year-old, from Cwmbran, Torfaen, spent the cash on cars and properties and gambled away £500,000. He was jailed in 2018 for seven years and four months. Having served half his sentence Bevan was released from prison this week but returned to court as prosecutors sought to recoup more money from him. It is understood they are seeking funds from Bevan’s pension now he is 55.

Career

Ask A Legal Recruiter: Can Someone Lateral From An Accounting Firm Into Biglaw? [Above the Law]
Question: I’m curious to know what the market is right now for laterals in Biglaw, specifically tax. Can someone lateral from an accounting firm into Biglaw?
Recruiter Jessica Chin Somers: There is always a need for good tax lawyers in Biglaw, especially tax lawyers with law firm experience and good JD and LLM grades. However, because tax is a niche practice, it is not as easy to get many offers. Some tax practices really want candidates with specific types of tax experience (for example, securitization tax or bankruptcy tax) and so they will wait forever for the right candidate. Some transactional practices have a strong preference against tax planning candidates.

In the wake of “quiet quitting”, fairness & respect seen as drivers of young accountant retention [Thomson Reuters]
The term quiet quitting has replaced the Great Resignation as the in-vogue term in the second half of 2022 to describe worker attitudes and actions in the post-pandemic world. Indeed, the term has been consuming the majority of media discussions of trends in work, particularly among younger workers.

Yet, despite all of the relatively negative workplace trends covered, the results from a Thomson Reuters Institute pulse survey taken in August didn’t uncover the depth of negativity among younger workers employed at tax & accounting firms the media would have you believe. In fact, more than half of all young workers surveyed in the US and Canada reported that they are highly satisfied across a number of workplace factors, including: i) individual factors such as a feeling that I can be myself at work, opportunities for growth and career progression, flexibility, and a feeling that I am treated fairly and with respect; and ii) firmwide factors such as their firm’s collaborative culture, current leadership, and direction and strategy.

Diving deeper into the data, you can see some differences in the top satisfaction factors between the US and Canada. In the US, for example, the top drivers of high satisfaction were a mixture of individual and firm factors, with individual factors sitting in the first and third spots. A large majority of respondents (79%) said they were very satisfied with the feeling that I can be myself at work; and 76% were very satisfied with the idea that I am treated fairly and with respect — and 78% said they were very satisfied with their firm’s reputation.In Canada, on the other hand, the top drivers of high satisfaction were solely individual factors — I am treated fairly and with respect was cited by 76% of respondents and flexibility was cited by 74%.

And lastly…
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Friday Footnotes: Retired EY Partners Hate on the Split; It’s a Raid!; ‘An Alphabet Soup of Technology’ | 11.18.22 https://www.goingconcern.com/friday-footnotes-retired-ey-partners-hate-on-the-split-its-a-raid-an-alphabet-soup-of-technology-11-18-22/ Fri, 18 Nov 2022 22:05:32 +0000 https://www.goingconcern.com/?p=1000460707 Big 4 EY split threatens to weaken both sides of firm, say retired partners [Financial […]

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Big 4

EY split threatens to weaken both sides of firm, say retired partners [Financial Times]
More than 150 retired EY partners have written to the accounting firm’s leadership objecting to the radical plan to split its consulting and audit businesses. In a three-page memo seen by the Financial Times, the retired US partners say the plan as envisaged threatens to weaken both halves of the firm, while also asking whether EY’s global chief executive, Carmine Di Sibio, is properly protecting the interests of the audit business.

KPMG blocked from Abu Dhabi audits as it elects new regional boss [Financial Times]
KPMG has been blocked from winning new audit contracts in Abu Dhabi after regulators removed the Big Four firm from the list of accountants authorised to sign off companies’ financial statements. The move by the Abu Dhabi Accountability Authority comes just weeks after a separate watchdog in Dubai fined KPMG and one of its former partners $2mn for failings in its auditing of Abraaj, the emerging markets private equity group that collapsed in 2018.

Senators slam EY’s ‘very unusual’ economic modelling [Australian Financial Review]
Senators have criticised research produced by EY economists, alleging the firm adopts “very unusual” models to give clients the answers they want, and suggesting one particular report was “worthless” as it was “not factually correct”. Two senators cited an EY report prepared for lobby group Master Builders Australia (MBA) and released during the May federal election campaign as evidence that dodgy modelling had been used to exaggerate the economic cost of disbanding the Australian Building and Construction Commission. The senators made the claims in hearings for the Secure Jobs, Better Pay inquiry last Friday.

Nelson Mandela Foundation appoints ex-Deloitte Africa boss Bam as new trustee [IOL]
The Nelson Mandela Foundation has announced former Deloitte Africa CEO Lwazi Bam as a new trustee. Bam is a chartered accountant and an outstanding South African. He was the CEO of Deloitte Africa from 2012 until early this year.

Big 4 affiliate firms continue to lead audit business in India [The Economic Times]
In India, the Big Four firms conduct their audit business through affiliate firms. The EY group has emerged as the market leader with 153 mandates and KPMG group will audit 147 enterprises. Meanwhile, Deloitte affiliates are at number 3 with 141 clients and Grant Thornton Bharat LLP associates have taken the fourth spot with 87 audits, as per the study of auditors of all listed companies. The PwC affiliates have been very careful in adding audit clients – 70 listed companies – and have chosen to focus on the quality MNC clients which have high profitability and low-risk profile.

Audit

Defense Department fails another audit, but makes progress [The Hill]
The Defense Department has failed its fifth-ever audit, unable to account for more than half of its assets, but the effort is being viewed as a “teachable moment,” according to its chief financial officer. After 1,600 auditors combed through DOD’s $3.5 trillion in assets and $3.7 trillion in liabilities, officials found that the department couldn’t account for about 61 percent of its assets, Pentagon Comptroller Mike McCord told reporters on Tuesday. McCord said the department has made progress toward a “clean” audit in the past year, but later added “we failed to get an ‘A.’” “I would not say that we flunked. The process is important for us to do, and it is making us get better. It is not making us get better as fast as we want,” he said.

Audit Regulators Vow a Tougher Regime [CFO]
The PCAOB and the SEC, its parent regulator, are making it clear that the “new” PCAOB will be (1) increasing enforcement activity and imposing stiffer penalties and (2) holding auditors responsible for failures to spot fraud perpetrated by issuers, particularly fraud that harms investors.

US Audit Board Urged to Aid ESG Validation With Updated Rules [Bloomberg Tax]
Investor advocates, finance executives and auditors are urging the US audit board to overhaul its outdated and little-used assurance requirements to keep pace with expected SEC mandates for greenhouse gas disclosures. Stakeholders support the Public Company Accounting Oversight Board’s plans to update a suite of attestation rules that accountants tap to provide certain compliance audits and other reviews that go beyond financial statement audits, according to letters submitted to the board in late October.

Education

Teaching Accounting Students an Alphabet Soup of Technology [The CPA Journal]
Accountants are using this alphabet soup of applications, including Enterprise Resource Planning (ERP), Power BI, and R, as well as decision support tools, such as Excel, Tableau, and Alteryx. Unfortunately, many accounting students are not prepared to properly use, implement, or maintain most of the technical tools used today. Many college students do not possess a solid functional footing in Excel, let alone the vast array of the other tools mentioned above. Students who do not have a strong foundation in basic technical concepts and tools will struggle to be relevant in today’s business world. As such, research from the AICPA (“Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits”) suggests that employers have begun to hire from other more technical undergraduate degree fields, such as management information systems (MIS), instead of accounting graduates.

Tax

For the IRS to-do list: Build trust with Congress, use clearer language with taxpayers [Journal of Accountancy]
The IRS needs to build trust with members of Congress and speak more plainly with taxpayers in order to capitalize on the modernization that’s expected of the agency, an advisory panel said in a report issued Wednesday. “As the IRS continues to recover from the far-reaching impacts of the COVID-19 pandemic, builds on its budgetary success achieved through the Inflation Reduction Act, and encounters shifting political and economic conditions and workforce issues, the IRSAC has endeavored to support the IRS in providing effective, timely taxpayer service,” the 34 members of the IRS Advisory Council wrote in the report.

Why Crypto Taxes Get Complicated (Especially for Institutions) [CoinDesk]
Accounting and tax compliance in crypto is much more complicated for institutions, such as funds, exchanges and prime brokerages, due to the volume of transactions that require record-keeping. Failing to file taxes properly can result in substantial fines and, in some cases, audits.

Law & Order

Dallas Attorney and Members of Accounting Firm Charged with Promoting Illegal Tax Shelter [Department of Justice]
A superseding indictment was returned by a federal grand jury in Dallas today charging a Texas lawyer and three co-conspirators with wire fraud, conspiracy to commit wire fraud, helping their clients file false tax returns, and conspiracy to defraud the United States, all based on an illegal tax shelter they promoted and helped implement. Joseph Garza, of Dallas, was previously charged on Oct. 18. The superseding indictment adds charges against three tax professionals, Kevin McDonnell, James Richardson and Craig Fenton. The superseding indictment alleges that Garza directed clients to use hand-picked CPAs and other tax professionals, including McDonnell, Richardson and Fenton. McDonnell and Richardson, both CPAs, allegedly owned and operated McDonnell Richardson, P.C., an accounting, tax preparation, and legal services business located in Waxahachie. McDonnell allegedly is also a licensed attorney. Fenton allegedly was employed as a tax manager at McDonnell Richardson.

Joseph Nocito, whose massive Bell Acres mansion was built on tax fraud, pleads guilty [Pittsburgh Post-Gazette]
Investigators founds dozens of company ledger entries that painted building and other personal expenses as legitimate costs faced by his companies. Ledger entries were written as categories such as “consulting,” or “repairs and maintenance,” and construction invoices were paid through Nocito’s companies. In one example presented as would-be evidence by federal prosecutors, a check for $76,000 for interior design kitchen work was classified as “consulting” in one of the company’s ledgers. In another example classified as “consulting,” the check was for $6,100 for artwork for the home’s wine cellar. Prosecutors said they found a document from September 2000 titled “list of thoughts and life lessons.” Among the 25 bullet points, No. 7 was “Maintain the lifestyle of the millionaire next door at least until you achieve the stage in your life where you have all the material things you want and the next generation is taken care of. Then it becomes a choice of giving it to the government or building the house of your dreams.”

Federal agents raid San Luis Obispo accounting firm [CalCoastNews]
More than a dozen FBI and IRS agents descended on 755 Santa Rosa Street in SLO on Thursday morning to serve a search warrant. One agent pulled a car in front of a BMW owned by Pamela Fitzpatrick, the owner of Fitzpatrick Professional Accountancy, blocking the accountant from leaving the parking garage. Shortly after agents entered the second floor, most of the accounting firm’s employees left the building. After about five hours, a group of agents displaying “Police, IRS-CI,” on their shirts left the building. CI stands for criminal investigation, which is the law enforcement branch of the IRS.

Firm Watch

BDO acquires PwC Canada’s Saskatchewan audit, accounting and tax practice [Yahoo! Finance]
BDO Canada LLP, (‘BDO’) one of the largest accounting and advisory firms in Canada, is pleased to announce its acquisition of PwC’s Saskatchewan audit, accounting and tax practice, effective November 16, 2022. The addition of the Saskatoon-based team strengthens BDO’s position in Saskatchewan and creates a strong local team to support businesses in the province.

Other Stuff

Financial Accounting Foundation issues new strategic plan [ABA Banking Journal]
The Financial Accounting Foundation—the organization that oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board—has released the final version of its new strategic plan, which outlines the goals that the organization will address for the next several years. The plan’s goals include promoting the importance of independent standard setting to capital markets; ensuring that financial accounting and reporting standards advance as needed; embracing new technology to make the standard-setting process more effective; building on the foundation’s commitment to diversity, equity and inclusion; and engaging with stakeholders, regulators and Congress to determine the appropriate way, if any, for the organization to contribute to future sustainability reporting.

Guys! It’s “the next Enron” as foretold in the prophesy!

That’s all we’ve got for headlines. If you crave more, get on our newsletter list.

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Five Ways to Incorporate Profitability Into Your Practice https://www.goingconcern.com/five-ways-to-incorporate-profitability-into-your-practice-sponcon/ Thu, 17 Nov 2022 15:37:59 +0000 https://www.goingconcern.com/?p=1000458964 It’s official, we have reached the exciting future 1950s sci-fi magazines promised us. We have […]

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It’s official, we have reached the exciting future 1950s sci-fi magazines promised us. We have all the world’s knowledge in a tiny device that fits in our pockets, can get just about anything delivered in two hours or less, and nowadays you don’t even need your hand to open a glove box anymore, just your voice. We don’t have flying cars but we do have conveniences unimaginable to our ancestors. The second great industrial revolution is underway and happening all around us.

With all this excitement, comes a bit of uncertainty of course. Will the economy get better? Will the job market normalize? Will I ever be able to figure out the unnecessarily complicated visual menu on my car’s information center so I can open the stupid glove box? Asking the important questions.

If you own an accounting firm or small practice, you’ve no doubt asked yourself in the last year how you can make the most of these exciting, if uncertain, times. What will profits look like a year from now? Will you be able to hire talent? Should you be on TikTok? Again with the questions, some less important than others.

We can’t advise you if you should get on TikTik or not but what we can tell you is this: There is no better time than the present to think about how modernizing processes with profitability in mind can help you navigate the months and years ahead. “Profitability” doesn’t have to be a dirty word. We thought about putting a list of words that are dirty here to prove how not dirty it is but the sponsors of this article weren’t cool with that (understandably).

The following are five suggestions for maximizing profitability in uncertain times. We were going to give you ten but we decided to maximize the efficiency of this post. Ain’t nobody got time for ten items.

Let new technologies work for you

There’s a technological revolution happening in the accounting profession as we speak and there has never been a more exciting time to be an accountant. Your accounting professors probably told you that back in college but it’s actually true now.

Future-ready firms at the forefront of this movement are hauling giant cartoon bags of money to the bank every other day, that’s how profitable they are. OK, that’s a slight exaggeration. Getting all your clients in the cloud and automating a few manual tasks won’t fulfill your fantasies of swimming through a pool of cash a la Scrooge McDuck. But it will increase profitability because your time is money and the time you’re spending on repetitive, manual tasks is money you’re leaving on the table.

Are there tasks you are currently doing manually that you don’t need to be? And if so, what’s stopping you from getting it off your plate?

Here’s a real-world example: Every day, you’re spending hours on sending payments or reconciling incoming payments, precious time that could be better spent elsewhere. Let’s be real, no one enjoys doing this. Good news! There are online tools to manage accounts payable and receivable (AP and AR) for you. Melio, for example, allows you to manage and schedule business payments for your own business or your clients. It comes with no monthly fees and offers free ACH transactions and incoming payments. We encourage you to take it out for a spin and start saving time and money as early as now.

Take off some hats

If you’re running a firm, you’re no doubt wearing many hats. Juggling all these tasks at once on top of the actual service you provide is not only exhausting, it’s unsustainable. You. Are. Tired. We know. We see you, #TaxTwitter.

Are you doing all of your own social media, advertising, appointment-setting, and client-hounding? Do you hate it? Bet you do. The only person who enjoys this is that one weirdo up there ^^ whose favorite part of the day is reconciling payments.

Here’s what you do: Take some of that off your plate and pay someone else to do it. Now, you’re probably wondering how paying for something will make your practice more profitable in the long run and that is a reasonable thing to wonder. But outsourcing some of these things to experts whose job it is to do them not only frees you up to do the important stuff, it can improve your brand, which means more clients. Your clients don’t DIY their taxes, why are you DIYing marketing?

For those of you already doing this, great! You’re a clever one, aren’t you? Think of some other things you could outsource or improve. Maybe your website could use a facelift. Perhaps you could hire a freelance writer to produce regular newsletters informing your clients of important tax deadlines and changes.

You get the idea. Improve your image, improve your appeal, improve your profitability. It’s like the underpants gnome meme but without the ambiguous “???” step. And it’s a win-win for you because it frees you up to focus on more important things than scheduling tweets.

Referrals

While we’re on the topic of marketing, referrals are an excellent way to get the word out without a whole lot of effort on your part. You’re already doing the hard part, that is, providing excellent service to your clients. Now let clients return the favor. They are probably already talking about you when a friend asks them “hey, I need an accountant do you know anyone?”

Plant the seed in clients’ minds that you appreciate referrals, and maybe give them a few extra business cards to hand out if needed. You can offer an incentive if you want, such as a discount on services, but often just nicely asking for referrals is incentive enough. If they’re happy with you–and they must be if you have an ongoing relationship–then they’ll surely spread your name around. Not in that “omg did you see what she wore?” way we spread things around in high school, I mean telling their friends they know someone who does an awesome job.

Reduce expenses

Alright, so just two items ago this article said “hire someone to do your social media” and reducing expenses sounds like the exact opposite of that because you’ll have to pay this person, but hear us out.

Let’s use streaming services as an example of smart thriftiness. Many people don’t subscribe to all the streaming services at once because who can watch all that TV in a month. No, they rotate. Netflix one month, HBO the next. Are you doing that at your business too? Did you pay for a yearly Adobe subscription two years ago for those three flyers you create a year and forgot about it? That’s a lot of money to throw away for something you aren’t using.

Think about things that you’re paying for that you don’t need to be. Imagine all the office water deliveries that were paid for from 2020-2021 that were never used, for example.

Periodically go through your subscriptions and purchases to figure out where a few pennies can be pinched, focusing, of course, on the things that you aren’t actually using and don’t need. Like that monthly subscription of coffee that’s been stacking up in the break room for two years.

On this subject, think about ways technology can work for you to help reduce expenses. If you’re spending $70 a month on bank transfer fees, for example, consider using Melio to send payments for free.

Raise fees

As you’ve probably noticed by now, we started the list with some fun stuff and now we’re working our way down to more sensitive topics. Chances are you’ve considered raising fees, but you just don’t know how to have those difficult conversations with your customers. You certainly don’t want to do it, especially with long-time clients who might leave to find someone cheaper.

Thing is, your peers are already raising their fees. If they haven’t already, they’re thinking about it or are in the process of initiating the discussion with clients.

It’s an uncomfortable conversation to have for sure but it’s not like you’re doing it for the fun of it. Everyone understands that costs are going up. Have those difficult conversations. The results may surprise you.

Fire clients

Well, we’ve reached the bottom of the list, and fittingly so since saying goodbye to paying clients is probably the last thing on your list, too. If you successfully deployed item #4 then, congratulations, some of your clients probably took care of this one themselves.

Much like eliminating unnecessary expenses, sometimes you need to think about eliminating unnecessary clients. Don’t tell them they are unnecessary, obviously, clients hate that. You can always go with the old “it’s not you, it’s me” that daters have used since the dawn of time. We all know it really is them, but they don’t have to know that.

We bet when you read the line “fire clients” at least a few immediately came to mind. You’ve known for some time that you should sever these relationships, you just didn’t know how or thought maybe with a sufficient amount of coaching these jerks might one day turn into lovely, promptly-paying people with whom you are honored to work. Yeah no.

When you eliminate the most difficult of clients it frees you up to give more of your limited time and energy to the delightful ones. Not to mention it gives you more of those precious, finite resources for yourself and your practice. Aren’t you worth it?

Bill Murray saying "oui" in Groundhog Day

We’ve reached the end of the list and hopefully given you some things to think about and take action on. We know some of these topics can be difficult to mull over, which is all the more reason to take an inventory of your processes (audit pun not intended) and ask yourself if what you’re doing now is really working for you. The sooner you put these profitability ideas to action, the sooner you can get back to the fun stuff.

About Melio
Melio is a business-to-business (B2B) online payment tool specifically built with small businesses in mind. It requires no subscription and allows you to send and receive business payments for free, only charging for fast and premium options. Sign up to start paying all of your clients’ business bills with Melio.

The post Five Ways to Incorporate Profitability Into Your Practice appeared first on Going Concern.

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Friday Footnotes: Behemoth Big 4 Firms Get Behemothier; Audits Get Harder; Eliminate Clients! | 11.11.22 https://www.goingconcern.com/friday-footnotes-behemoth-big-4-firms-get-behemothier-audits-get-harder-eliminate-clients-11-11-22/ Fri, 11 Nov 2022 22:00:49 +0000 https://www.goingconcern.com/?p=1000451139 Ed. note: if you like accounting news, which you clearly do because you are reading […]

The post Friday Footnotes: Behemoth Big 4 Firms Get Behemothier; Audits Get Harder; Eliminate Clients! | 11.11.22 appeared first on Going Concern.

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Ed. note: if you like accounting news, which you clearly do because you are reading this, we encourage you to sign up for our newsletter for even more accounting news. Oh and a hearty thank you for your service to the veterans out there. Hopefully some of you got the day off.

Hiring

‘There’s definitely an accountant shortage out there’: MBAs have become the go-to degree and companies are struggling to hire enough CPAs [Fortune]
The next generation of accountants and auditors is in demand, but Ben Lansford, an accounting professor and director of the Master of Accounting program at the Jones Graduate School of Business at Rice University explained why some are hesitant. “Accounting is difficult,” he says. “It’s just a tough subject area, and you need a fifth year of college education to qualify to sit for the CPA exam. It makes the major less appealing to a lot of people.” But what needs to be communicated to students and young professionals is the time and energy is worth it, Lansford says. “It’s still a good path,” he says. “A rock-solid foundation.” The Big Four accounting firms are even reaching out to high school students to share that message and creating more flexible work environments, Lansford says.

nO oNE wAntS tO wOrK AnYmORe

Big 4

‘Behemoth’ big four consulting firms keep getting bigger [Australian Financial Review]
Income at the big four consulting firms jumped 17 per cent to hit $9.91 billion last financial year, representing 70 per cent of the total revenue earned by Australia’s 100 biggest accounting firms and cementing their dominance in the local market. They also increased headcounts across the board, bolstering staff numbers who were billed out to clients but not partners by about 26 per cent collectively, according to The Australian Financial Review Top 100 Accounting Firms list for 2022.

‘Couldn’t afford school fees’: Here’s the story of Punit Renjen, Deloitte CEO [Mint]
A twitter user Ravi Handa, spoke about Punit Renjen’s journey. In his thread, he said that Punit Renjen, had to drop out of a school as his parents could not afford the school fess and graduated from a college in Rohtak and went to Delhi to find a job after seeing an advertisement in newspaper. “Punit Renjen , now CEO of Deloitte, had to drop out of a school because his parents couldn’t afford the school fees. Graduated from a local college in Rohtak because it was cheap. Went to Delhi to find jobs based upon an advert for Usha that he saw in a newspaper,” he tweeted.

Can companies keep Gen Z and boomers happy? EY is working to perfect the formula [Employee Benefit News]
EY paid for this article, right? EY recently conducted a survey of 3,000 workers across enterprise organizations to understand just how those needs have changed, and to shine a light on generational preferences when it comes to workplace culture, benefits and values. Gen Z and millennials put a premium on corporate culture and a commitment to inclusion — 39% of both generations said culture has a “great impact” on whether or not they stay at an organization. Relatedly, 49% of that younger workforce said their loyalty to an organization is impacted by the company’s position on social values.

PwC beefs up consulting with latest tech deal [CFO Dive]
Accounting and consulting giant PricewaterhouseCoopers has agreed to acquire data-focused consulting firm Sagence, the fourth tech acquisition in 18 months for the company as it grows its consulting-services business. “A lot of clients are wrestling with big volumes of data from a lot of different places: Some of those are legacy old systems — they’re on premise — and some of them are on the cloud,” said Jenny Koehler, a strategic growth and business development leader at PwC. “Sagence has a continuum of professionals that can actually architect the optimal data structure … for the future.”

Audit

Audit Fees Rise Only 2.5%, But Audits Require Greater Effort [CFO]
Average fees for existing large accelerated and accelerated filers rose modestly by 1.8% and 2.3%, respectively, in 2021, according to the Financial Education & Research Foundation’s Public Company Audit Fee Study. About half of the financial executives surveyed said 2021 audits required greater effort to support than those in 2020. A majority said that was due to the expanded scope of their audits, but changes in organizational structure, divestitures, and economic uncertainty were also cited. Many auditors responding to the FERF study noted an increase in effort by their teams (68%). The auditors said changes to internal controls over financial reporting (ICFR) — not related to the transition to a hybrid working environment — were the main driver. Also cited were acquisitions and changes to issuer structure or business model.

India Launches Audit Inspections After Spate Of Scandals [Bloomberg Tax]
India’s accounting watchdog on Friday published new audit quality inspection guidelines, as the country’s regulators continue to clamp down after a flood of scandals. The National Financial Reporting Authority said that audit quality checks were “integral” to its work as an independent regulator. It will choose firms for inspection based on factors including their size and the risk of the work they do, it said, and it will publish any problems it finds.

Vatican’s former audit chief launches €9.3mn legal case over dismissal [Financial Times]
The Vatican’s former chief auditor and his deputy, who were dismissed in 2017 after trying to investigate the Catholic church’s “off the books” Swiss bank accounts, have launched a €9.3mn legal action against the Holy See. Libero Milone and his number two Ferruccio Panicco are claiming damages for lost earnings, emotional distress and loss of reputation over how they were forced from their jobs after being accused of misconduct. They were later publicly accused by then-powerful Cardinal Giovanni Angelo Becciu of spying on the private lives of their Holy See superiors, including Becciu himself.

Law and Order

Germany’s huge Wirecard fraud trial to start in December [AFP]
Wirecard’s former CEO Markus Braun will go on trial from December 8 to answer fraud charges in Germany’s biggest-ever accounting scandal, a Munich court said Wednesday. Austrian-born Braun, 53, stands accused of “commercial gang fraud”, embezzlement and market manipulation for his role in Wirecard’s spectacular collapse two years ago. The higher regional court in Munich said it had scheduled 100 court dates for the mammoth trial. Once the standard-bearer for the German tech industry, payments firm Wirecard was plunged into chaos in 2020 after admitting that 1.9 billion euros ($1.9 billion) missing from its balance sheets likely didn’t exist. The scandal was “unparallelled” in Germany’s post-war history, according to then finance minister Olaf Scholz, who is now chancellor.

Midtown Atlanta shooting: Suspect indicted on felony murder, aggravated assault charges [WSBTV]
An update on Ex-BDO IT Audit Manager Raissa Kengne: Fulton County court records show that Kengne was indicted Nov. 4 on the following charges: murder (two counts), felony murder (two counts), aggravated assault with a deadly weapon (five counts), false imprisonment, attempted burglary in the first degree and possession of a firearm during the commission of a felony (three counts).

Crypto

Meet the Metaverse Night Club–Loving Audit Firm That Presided Over FTX’s Financials [CoinDesk]
Crypto exchange FTX filed for Chapter 11 bankruptcy protection on Friday with an eleven-figure hole in its books. As observers remarked on the rapid deterioration of then-CEO Sam Bankman-Fried’s trading empire, a natural question emerged: Who was FTX’s auditor? FTX Trading LLC, the exchange’s international arm, worked with auditing firm Prager Metis, according to financial statements seen Friday by CoinDesk. The mid-sized firm lists 24 operating locations on its web site, including the “metaverse.” A page of Prager Metis’ website published in June said it also “proudly supports FTX US,” but at the time of writing that page has been taken down (the meta data is still live, however). The 2020 and 2021 FTX US audits were performed by New York City-based firm Armanino, according to documents viewed by CoinDesk.

Stripe, Deloitte, Sullivan & Cromwell Are Among 53 FTX Advisors, Vendors And Bankers Weathering Exchange’s Collapse [Forbes]
The firms with ties to FTX named in this Forbes piece: Prager Metis (current auditor), Armanino (former auditor), Deloitte, and PwC.

Staff Accounting Bulletin on Crypto Safeguarding Obligations is Not SEC Rule, Senior Official Says [Thomson Reuters]
SAB 121, which was issued at the end of March to better protect investors, describes how companies should account for custodial services of crypto assets. Because of risks unique to crypto, the staff determined that companies should record a liability and corresponding asset on their balance sheets at fair value. “A SAB is not a commission rulemaking; it is not an official pronouncement of the commission. It is—as the S in SAB implies—the views of the of the staff. It is not standard setting. That’s what the FASB does. So, what a SAB is intended is to communicate the staff’s view about the application of current GAAP to an existing fact pattern” in emerging issues, SEC Acting Chief Accountant Paul Munter said during a fireside chat at the Corporate Financial Reporting Insights Conference hosted by the Financial Executives International in New York on Nov. 7, 2022.

Accounting Firm M&A

National accounting firm acquires Lafayette-based PRM CPAs + Advisors [The Acadiana Advocate]
Weaver announced the transaction recently as a move that allows it to expand into Louisiana and its tax and accounting advisory practices, adding one partner and 11 other professionals to its team. “Weaver and PRM have had a strong working relationship for many years, and we could not be more pleased to have their firm join Weaver,” said John Mackel, Weaver CEO and Managing Partner. “PRM has a strong oil and gas practice in Texas and Louisiana as well as a robust high net worth tax practice, primarily focused on health care. PRM’s culture and values closely align with ours, making this an ideal fit.”

Scottsdale, Paradise Valley residents merge consulting and accounting firms [Daily Independent]
REDW LLC, which is led by Scottsdale resident Mike Allen and is one of the Southwest’s largest advisory and CPA firms, announced that tax and accounting firm Edwards, Largay, Mihaylo & Co., PLC has joined with REDW effective Oct. 31, increasing REDW’s local office to nearly 100 team members.

Clients Are the Worst

Friendly Reminders

How Ethical Accounting Protects Consumers and Encourages Growth [Bloomberg Law]
As gatekeepers of the financial market, certified public accountants are professionally obligated to provide investors with trustworthy and reliable information. Communities around the world rely on accountants to keep companies and governments honest through tax filings, audits, sustainability reporting, and fraud investigations, among many other services. Individuals also rely on CPAs for tax preparation, financial planning, and strategic advice. There will always be examples of individuals who fail to uphold these standards, highlighted by recent audit deficiencies and firm cheating scandals. But these cases are not the norm and reinforce why ethical standards are so important. They set clear expectations on what the profession stands for, enable stakeholders to hold bad actors accountable, and promote transparency within our financial ecosystem.

The post Friday Footnotes: Behemoth Big 4 Firms Get Behemothier; Audits Get Harder; Eliminate Clients! | 11.11.22 appeared first on Going Concern.

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Friday Footnotes: PwC Does Some Things; Bad Client Dumps EY; ‘Going From Balloon Animals to Accountancy’ | 11.4.22 https://www.goingconcern.com/friday-footnotes-pwc-does-some-things-bad-client-dumps-ey-going-from-balloon-animals-to-accountancy-11-4-22/ Fri, 04 Nov 2022 21:00:49 +0000 https://www.goingconcern.com/?p=1000440307 Footnotes is a weekly wrap-up of all the news in and around the accounting profession, […]

The post Friday Footnotes: PwC Does Some Things; Bad Client Dumps EY; ‘Going From Balloon Animals to Accountancy’ | 11.4.22 appeared first on Going Concern.

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Footnotes is a weekly wrap-up of all the news in and around the accounting profession, published every Friday at 5 p.m. Eastern. To get more headlines delivered on the regular, subscribe to our newsletter.

Big 4

PwC Retirees Get Early Approval for $267 Million Pension Deal [Bloomberg Tax]
PricewaterhouseCoopers LLP’s $267 million settlement with retirees seeking higher pension benefits received early approval from a New York federal judge, paving the way for resolution of a 16-year-old class action challenging various aspects of the company’s pension plan. The deal, which is expected to pay an average of about $11,000 to each of 16,000 former participants in the PwC plan, represents a recovery of “virtually 100%” of the benefits class members would be owed if they won their case in court, according to the settlement motion.

KPMG LLP and former audit principal withdraw request for review of DFSA fines [The National]
KPMG LLP and its former audit principal Milind Navalkar have withdrawn their request for a review by the Financial Markets Tribunal against the Dubai Financial Services Authority’s decision to impose financial penalties on them. Both Mr Navalkar and KPMG had referred the DFSA’s decision to the independent appeal tribunal after they were fined $500,000 and $1.5 million respectively for failing to follow international standards during audits of Abraaj Capital Limited, an Abraaj Group entity, for a number of years up to October 2017. The rulings were issued in June 2021 but only published on October 3 as KPMG and Mr Navalkar sought an order from the FMT to prevent publication. The tribunal subsequently refused both KPMG’s and Mr Navalkar’s requests for privacy and both then appealed to the DIFC Court against the FMT’s decision. However, the two parties have withdrawn their FMT references and “will not contest the DFSA’s findings in its decisions”, the DFSA said on Thursday.

My first boss: Lucy Stapleton, PwC head of deals [Yahoo! News]
I guess it was a big leap going from balloon animals into accountancy, said 51-year-old Stapleton. She has been a partner since 2006.

Hungary picks PwC partner to lead new anti-graft body overseeing EU funds [Reuters]
Hungary’s State Audit Office has picked PricewaterhouseCoopers forensic partner Ferenc Biro to lead a new anti-graft body to be launched by mid-November as part of efforts to regain access to European Union funds locked up over corruption risks.

Firm Watch

Grant Thornton Malaysia defends MD charged with money laundering [The Edge Markets]
Tax and accountancy firm Grant Thornton Malaysia PLT has come out to defend its managing director Datuk Narendrakumar Chunilai (NK Jasani), who was slapped with money laundering charges involving RM115 million belonging to Sabah Forest Industries Sdn Bhd (SFI).

BDO prepares for expansion with new Glasgow office [The Herald]
Accountancy firm BDO has moved into a new 8,000sq ft office in Glasgow as part of ongoing plans to expand its team. The firm has signed a 10-year lease at 2 Atlantic Square where more than 130 staff will be based. BDO said the move is a key part of plans to invest in the future of its operations in Scotland, delivering a base for its growing team which has added more than 20 trainees in recent months. “We’ve achieved significant growth over the past 12 months because of the resilience and ingenuity of the ambitious clients we work with,” said Martin Gill, head of BDO.

Audit

US Audit Inspectors Finish On-Site China Work Ahead of Plan [Bloomberg]
US audit officials completed their first on-site inspection round of Chinese companies ahead of schedule, according to people familiar with the matter, a sign of progress in the closely watched process to prevent the delisting of hundreds of stocks from Alibaba Group Holding Ltd. to Yum China Holdings Inc.

Core Scientific drops EY as external auditor amid bankruptcy fears [Proactive]
It is becoming increasingly likely that Core Scientific, one of the world’s largest bitcoin miners, is facing the threat of insolvency. SEC filings released today show that Core Scientific has “approved the dismissal” of auditing firm EY. EY (which alongside KPMG, Delloite and PwC comprises the global “Big Four”) has been replaced with domestic firm Marcum LLP. Per reporting requirements, Core Scientific conceded that EY cited numerous internal reporting deficiencies including “a lack of appropriate communication and recordkeeping” related to equity transactions and “design deficiencies in internal controls necessary to enforce appropriate segregation of duties for our digital asset wallets”.

PCAOB May Face Long Odds Completing Audit Quality Indicators Project [Thomson Reuters]
In response to investor advocates’ demand, the Public Company Accounting Oversight Board (PCAOB) added “firm and engagement performance metrics” to its research agenda, which is a resumption of a long-stalled project to develop a set of measurements to assess the quality of an auditor’s work. It was originally called the audit quality indicators (AQIs) project. However, the PCAOB’s decision fell short of expectations to at least one adviser to the board because the project was not put on its standard-setting agenda, given that prior board had issued a preliminary rulemaking release in 2015 following a couple of years of research. The PCAOB soon after had set it aside because of strong resistance by audit firms. “This is nothing short of a delaying tactic,” former SEC chief accountant Lynn Turner said in an interview. “This is a slap in the face of investors.”

Firm M&A

Arizona Accounting Firm Henry+Horne to Join Baker Tilly [CPA Practice Advisor]
The advisory CPA firm Baker Tilly US, LLP (Baker Tilly) and full-service accounting and advisory firm Henry+Horne, LLP (Henry+Horne) have announced their intent to combine effective Dec. 1, 2022.

Accounting firm Wipfli acquires the Oliver Group [Milwaukee Business Journal — subscription]
Wipfli says the acquisition adds to its organizational performance offerings.

Rockville accounting firm Aronson merging with Atlanta’s Aprio [Washington Business Journal — also subscription]
The Atlanta company has already made four acquisitions in 2022.

r/accounting once again asking the important questions:

And then there’s this from Tax Twitter. Clients amirite?

Think Grant Thornton was seething when they saw their star former economist on CBNC this afternoon with that big KPMG logo behind her? Anyway, the economy sucks.

The post Friday Footnotes: PwC Does Some Things; Bad Client Dumps EY; ‘Going From Balloon Animals to Accountancy’ | 11.4.22 appeared first on Going Concern.

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